Full text of "Financial Times , 1982, UK, English"

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GENERAL 


Whitelaw Gilts go 
action on above 
Palace 71; gold 

security up $15 


Oil spot price 
falls as traders 
expect Saudi cut 


BY RAY DAFTER, ENERGY EDITOR 


Palace 

security 

Security at Buckingham Palace 
is not good enough. Home . 
Secretary William Whitelaw 
said yesterday. . ... 

He was. speaking of an 
incident in which a man. is 
alleged to have .got .into the 
Queen's bedroom .'on Friday 
and spoken to her for several 
minutes before she was able to 
summon a footman:' 

There were "technical and 
human errors,’’ .Mr Whitelaw 
said. Security had since been 
tightened and an inquiry was 
under way.- 

He praised Lhe - Queen’s con- 
duct but agreed that it -would 
have been "catastrophic" if the 
intruder had been a terrorist 
Sketch, Page 8-' 

PLO claim . 

The Palestine • •.Liberation 
Organisation has told the U.S.: 
it is witHng : to recognise' the 
Slate of Israel, a senior PLO 
official claimed. Back Page 

Solidarity move 

Leaders of the 1 Polish, trade 
union Solidarity urged a sus- 
pension of protest action untD ■ 
July 22 in a conciliatory gesture 
to the Government Page 2 , 

Floods in West 

Some of the worst floods this . 
century hit the West Country, 
Water up to 10 ft deep washed 
away cars and bridges and cut 
electricity. Weather, Back Page • 

Fitt unharmed 

Ulster MP Gerry- Pitt escaped, 
injury in a bomb, attack on his- . 
Belfast home. Protestant Orange 
Day parades in fee province ■: 
passed off peacefully. J 

‘Invaders ready’ 

Tran, is poised to invade Iraq as 
soon as the political, decision is 
made in Tehran, reports 'from 
the border area said. 

Killer at Jerge 

A man serving a life: sentence 
for murder was one of three 
still at large after-escaping from 
Nottingham prison. Three others 
were recaptured- - • . 

War is over 

Britain signalled a formal end 
to the Falklands conflict by say- 
ing it was releasing all 593 re- 
maining Argentine prisoners of 
war. Page 4 

Mexican crash 

At least 48 are believed to h3ve 
died and 115 to have been hurt 
when a train In western Mexico 
left the rails and a coach 
plunged into a ravine. 

Norway bomb . 

An unexploded, bomb was found 
in Oslo railway station. A 
■ woman died when- - another 
exploded- on July 2. 

Marathon girl 

British runner Cheryl Page, 11, 
banned from the London 
marathon because of her age, 
ran the San Francisco event m- 
4 hr 12 mi n, coming 4,800th of 
7,800. 

Time is money 

The British Museum paid 
£500,000 net for -a- dock made 
about 1700 by Thomas Tompion, 
Britain’s greatest horologist. 
Page 6 

Briefly* 

Thousands welcomed Italy’s 
World Cup winners back to 
Rome. Page 2 

Four died after falling 230 ft . 
from a cable car in the Alps 
near Innsbruck. 

Secretary of a West German air 
base was arrested for spying. 

Anonymous . Briton 'living in 
the Bahamas gave £lm to the 
South Atlantic Fund. 


BY PHtUP BASSETT, LABOUR CORRESPONDENT 


• GILT'S market was lively on 
hopes of lower interest rates. 
The authorities’ remaining 
supply of the short tap Treasury 
Convertible 1986 stock was 
exhausted, and selected longs 
dosed up to 1} up. FT Govern- 
ment Securities index rose 0.63 
.to 7L0V its. highest., since 
November 1980. Page 31 . 

• EQUITIES were inhibited by 
the rail strike and gloomy 
economic forecasts. FT 30-Share 
-index rose 4.8 to 557.5. Page 31 

• STERLING rose 90 points to 
51.735. It also rose to: FFr 
1 1.9225 (FFr 11.91) and SwFr 
3.65 ( 3.64). bat eased .to DM 
4.29 (DM 4.2925). Trade, 
weighted index was unchanged 
at 9L2. Page 32 

9 DOLLAR fell to DM 2.472 
(DM 2.487), SwFr 2.1025 (SwFr 
2.109) and Y253.9 (7254.95). 
Trade weighted index was 12(12 
(121.4). Page 32 

• GOLD rose 515 to $342 in 
London. .In New York, the 
Comes July elose was $34 1.1 
($345). Page 29 


BRITISH BAIL is - ready today 
.to set- in motion sacking of 
.striking members of the train 
drivers’ union Aslef following 
another poor response yester- 
day to its call for a return to 
work. 

It .is also poised if necessary 
to sanction complete closure of 
the railway network, though 
this may be delayed to allow 
for any last-minute response to 
its proposed dismissals. 

• The full BR board meets this 
morning to consider letters to 
be.sent to Aslef. members. The 
fuH meeting follows a meeting 
of the BR board executive 
yesterday which drew together 
the final recommendations to 
put to the board. 

Senior, board members, in- 
cluding Sir Peter Parker. BR 
chairman, went last night to 
the Department of Transport to 
meet Hr David Howell, the 
Transport Secretary. It was 
thought that this was - mainly To 
inform Mr 'Howell of latest 
developments, but it may have 
covered .possible ground for a 
way forward if BR went ahead 
with tough action today. 

BR seems virtually certain to- 
day to sanction sending letters 


to Aslef strikers. These will 
probably include a short breath- 
ing space, possibly about 48 
hours, to give individual drivers 
a last chance to return to work. 

If this is not taken up the 
drivers will be “deemed to 
have dismissed themselves.” The 
dismissals could come into force 
as early as Thursday. 

Drivers would be reinstated 
only on condition that they 
accepted flexible rostering, the 
key productivity issue at the 
heart of the dispute. This seems 
likely to be the sole pre- 
condition. 

The drivers’ response to this 
stark choice may well clarify 
whether BR will take the next 
step of trying to suspend the 
guaranteed working week of the 
two other rail unions, which are 
not iv dispute, the National 
Union of S ailwavznen and the 
wbite-collar Transport Salaried 
Staffs Association. 

While detailed proposals on 
this issue will be before today’s 
board meeting, the board could 
for the moment decide to stay 
its hand. 

In the event of its going 
ahead notice would have to be 
given to the general secretaries 
of the unions. This would pus&L 


the actual time of NUR and 
TSSA members being suspended 
without pay into next' week. 

The board could still shut the 
network from, say, Saturday 
night, given that Sunday is not 
part of the guaranteed working 
time. 

The legal implications of try- 
ing to suspend guaranteed work 
will be clearly spelt out Jo BR 
board members. 

- The unions seem certain to 
try to obtain injunctions to re- 
strain BR’s action, but BR has 
apparently decided to risk, these 
if necessary. - 

Mr . Sid Weighell, NUR 
general secretary and other 
senior NUR officials met Mr 
Cliff Rose, BR board member 
for personnel, yesterday in an 
effort to persuade BR not to 
press ahead with suspension of 
the NUR’s guaranteed week, 
but received short shrift 

Mr Weighell was also due to 
see Mr Michael Foot, the 
Lat^ur leader, last night fol- 
lowing his' weekend support for 
Aslef, which has provoked a 
political row but this meeting 
Continued on Baek Page 
How Welsh connection 
strengthens Aslef, Page 9 
Editorial Comment. Page- 14 


380rSPtt Rm< 

360-1^ 


Gold . 

London Price 


BL Acclaim component orders 
switched from Japan to UK 

BY KENNETH GOODING IN TOKYO AND JOHN GRIFFITHS IN LONDON 


Copper 


CashffigbG 

APR MAY 

49 


€1 COPPER continued Its recent 
recovery, with the high grade 
cash price closing up £15.5 at. 
£829 on the London Metals Ex- 
change. Page 29 

• WALL STREET was up 9.51 
at 823.63 before the elose. Page 
30 

9 1CI is to pull out of petro- 
chemical production in Spain 
as part of a product portfolio 
swap. Back Page. 

9 TEXACO oil find off Cali- 
fornia may be one of the biggest 
U.S. fields. Page 4 

9 RULES of the Government’s 
small firms loan guarantee 
scheme may be tightened. Back 
Page 

9 BARCLAYS BANK claims it 
has enough staff volunteers to ' 
open 330 branches on Saturday, 
mornings. Back Page. Bifu 
opposition to Saturday opening, 
Pages 

# LOCAL AUTHORITIES will 
bo allowed to borrow from the 
National Loans Fund, which 
should cut the interest rate they 
pay by one quarter of a percent- 
age point, the Commons was told 
yesterday. Page 8 

9 AUSTRALIA announced a 
record current account deficit 
of A$9.079bn (£5.34bn). Page 3 

0 MOROCCO reopened western 
Sahara phosphate mines. Closed 
in 1975 because of guerrilla 
activity. Page 3 

9 RANK ORGANISATION first 
half taxable profit fell by £7J2m 
to £36.Bm. Page 36; Lex- Back 
Page 

9 amersham interna- 
tional, radioactive isotope 

manufacturer, pre-tax profits 
more than doubled to £8.54m 
in year to March 31. Rage 17; 
Lex, BackPage 

9 BANK OF CHINA in Peking 
lifted net profit by 53 per cent 
to 710.6m Renminbi <£216.7ra). 
Page 21 


AUSTIN ROVER, the BL car 
subsidiary, has given UK com- 
panies contracts to supply 60 
.components for the .Triumph 
Acclaim' at present obtained 
from Honda. 1 

Howe^ter, two senior purchas- 
ing " executives from Austin 
Rover have just completed a 
tour of Japanese car manufac- 
turers and theiT componet- 
malciarg subsidiaries, sounding 
them out about possible com- 
ponent supplies next year. 

The company recently 
warned a number of its UK- 
based suppliers that it might 
shop elsewhere if they cannot 
reduce : prices this autumn. 

In disclosing the Acclaim con- 
tracts last night, the company 
said: “We wiH " buy our 
materials where it is technically 
and commercially acceptable for 
us to do so. The Acclaim con- 
tracts prove that the UK indus- 
try can do it." 

The components involved are 
mostly minor but will raise the 
UK content of the Acclaim — 


which is built under licence 
from Honda— from 70 to 74 per 
cent. ■ measured by ex-factory 
price. ■' 

.Honda supplies the yagine, 
gearbox and main suspension 
components, which do not lend 
themselves to UK sourcing. But 
BL does not exclude the 
eventual re-sourcing to the UK 
of another major component, 
this one-piece moulded fascia 
complete with Instruments. 

The extra UK components 
will be introduced to the pro- 
duction line in January at 
Cowley, where the Acclaim is 
being built at the rate of 1,200 
a week. t 

. Austin Rover says that 95 per 
cent of its components are sup- 
plied from the UK. It has 
warned that it will look to 
Japan and elsewhere if the UK 
components industry cannot be 
price competitive because ' it 
now feels it has done every- 
thing possible to cut costs by 
Improving labour productivity 
and reducing overheads. 

Components, which make up 


70 per cent of the cost of the 
cars Austin Rover produces, are 
the only area left to attack to 
reduce costs. 

The company said the latest 
Japanese tour was part of a 
regular worldwide investigation 
of potential sources of supply. 
Japan was an obvious candidate 
because of its competitiveness 
and the good working relation- 
ship the company shared with 
Honda. 

Until recently it was possible 
for Austin Rover to pass on the 
evara cost of including a heigh 
level of British components. 
But UK customers, reacting to 
publicity about comparatively 
low Continental car. prices, are 
increasingly .unwilling to pay 
the premium. 

The Austin Rover executives 
in Japan were looking for new 
products as well as low-cost 
components. For example, they 
showed considerable interest in 
a process introduced by Nissan 
which involves hot-pressing 
paperboard into panels to fit 
under car roofs. 


Dunlop to sell Malaysian assets 


BY CHARLES BATOMHX3R 

DUNLOP HOLDINGS. the 
troubled UK tyre group, yester- 
day announced agreement to 
sell' its remaining industrial in- 
terests in Malaysia for £73m. 

Peg! Malaysia Berhad, a pub- 
licly quoted company, is to 
acquire Dunlop's 51 per cent 
holding in Dunlop Malaysian 
Industries Berhad. The British 
company will continue to pro- 
vide management services and 
technical aid and wfll retain 
trade-mark rights. 

News of this deal, which 
Dunlop hopes wfll receive final 
approval from the Malaysian 
authorities by the end of the 
year; comes 10 months after 
Dunlop announced the sale of 
its remaining Malaysian planta- 
tion interests for £62zn. 

• The sale allows. Dunlop to 
comply with the Malaysian 
Government’s policy of involv- 
ing the indigenous population 
iii business. It would also sub- 


stantially improve hard-pressed 
Dunlop's debt to equity ratio, 
the company said. 

Agreement on the transaction 
was reached in Zurich,' where 
Dunlop International, parent 
cofhpany of the Malaysian sub- 
sidiary, has its headquarters. 

For this reason the purchase 
price, Malaysian $5 per share, 
will be paid in Swiss francs. 
The total payment of M$298m 
(£73m) will be made over 24 
months under a bank guaran- 
tee from the date the contract 
becomes unconditional 

Dunlop Malaysian Industries 
contributed £9m to ward’s group 
pre-tax profit m- 1981— a year 
when the group as a whole 
managed to break even only on 
a historical cost basis. After 
tax and minority interests the 
Malaysian company contributed 
a profit of £2.5m, compared with 
a group loss of £41 m. 

The transaction will give Dun- 

— CONTENTS 


CHIEF PRICE CHANGES 

. (Prices la pence unless otherwise 

rises * 

Tm. 12jpc 20634)5 £9Sl + If 
War Loan 3*pe ... £261 + I 
Alpine HIdgs- ...■■■ + 3 

British & Cnwealth 465 + }J 
Cardo « + 

Cnstatate.. 2 j§ t i 2 

' Dunlop- 6J + 3 

Humphries Bldgs..,. JJ5 + | 
James (Maurice) ... #4 + * 

Kenning Motor 634 + 2J 

Monk (AJ 6£ + 5 

Security Centres ... 13S + » 
Smith St, Aubyu ... 36 + 4 
Thom EMI .... 390 + S 

Unigate.T^.. .i..,....:. R6 + 3 

Utd, P*W»ls - 2H + 6 

’Bougainrillft. 68 + 6 


YESTERDAY 

indicated) 

Cent!. Norseman ... 215 
Cons. Gold Fields... 1)75 

ERGO ,-230 

Gold Fields SJL... £25} 

Libanon 676 

Poseidon 91 

Randfontein Ests. £22? 

RTZ 391 

SL Helena 

■Western Mining ... 167 
FALLS: 

Berisford (S. * W.) 136 
Cornell Dresses ... 165 

Gresham House 132 

Kershaw (A.). 185 

Rank Orgn. 134 

Shaw Carpets. 124 

Utd. Scientific ...... 385 

BP ....i 266 

LASMO 292 


Hie honest broker: Margaret van 
Hattem talks to the UN Secretary- 

General 15 

World oil market: Opec fails an acid 

test 14 

South Africa: business pays price for 

protection 3 

Technology: U.S. setback for British 
teletext hopes 22 


Management: Californian enterprise — 
myth or reality 12 

Commercial law: vessels course in- 
fringed regulations 10 

Editorial comment: High Noon on the 
railway; India's choice of president . 14 

Association of Int. Bond Dealers. . . 23-28 


American Nm ... 
Appointment* 

Arts — 

Bm Rates 
Commodities ' ...... 

Companies UK 18, ' 
Crossword 
Entertain. Guide „ 
Eummariwte ...... 

Euro Options ...... 

European Nam ... 


FT Actuaries 31 

Fontffn Exchanges 32 

Gold Msrfcste 29 

inti. Companies 19, 2S, 21 


Money Markets ... 32 

Over*#** Naws — 3 

Parliament ._ — 8 

Racing W 

Share Information 38, 35 


29 

Loader Paga 

14 

Stock MBrimbK 

31 

18 


36 

. wall Street 

30 

11 


38 

Bourns 

30 

11 

London Cations ... 

18 

Technology ... — -- 

22 

19 

Managamant 

12 

TV and Radio 

10 

18 

Man and Mattel* . 

14 

UK Newftt 


2 

Mining 

18 

General 

*.7 


Labour 

9 

Unit Tiuete: 


■ Authorised ..... 

32 

Otheia 

33 

Wwther 

36 

World Trade Mews 

4 

World Value C ... 

31 


ANNUAL STATEMENTS 
Anwsham Inti. ... IB 

Bay of England ... E 

Carcto Eng. Group 16 

Philip Hill Inv. T*t- 17 


Eurodollar 
interest 
rates down 


By William Hall. 

Banking Correspondent 

EURODOLLAR interest rates 
fell sharply yesterday and the 
Bank of England cut its money 
market intervention rates by up 
to a quarter of a percentage 
point amidst growing expecta- 
tions that the UK clearing banks 
will cut the cost of overdrafts 
very shortly. 

Following the unexpectedly 
good U.S. money supply figures 
last Friday, Eurodollar interest 
rates fell by up to £ of a „ 
percentage point. The three 
month Eurodollar rate fell to 
14i 7 « per cent — a drop of 
1} percentage points in less 
than a week. On the continent 
interest rates ais odrifted lower. 

The fall in international 
interest rates fuelled sharp 
gains in the UK Government 
securities market Prices of 
long-dated stock rose by up to 
1* percentage points and the 
FT Government Securities Index 
closed at 71.07, Its highest level 
since November 24 1980. 

The Bank of England took 
further action yesterday to en- 
courage an early drop in UK 
bank base rates. It cut the mini- 
mum rate at which it buys very 
short-dated bills in the money 
market-— known as “ Band one ” 
bills — by a quarter of a percent- 
age point, to 12} per cent. 

It also cut the intervention 
rates on the longer maturity 
paper it buys in the course of 
its money market ODeralions but 
the minimum buying rate for 
“ Band one ” bills is considered 
the key rate by money market 
operators. 

Following several weeks of 
stability, the Bank cut “Band 
one ” rates by ’ l of a nercent- 
age noint last Fridnv and yester- 
Continued on Baek Page 
CBI calls for devaluation. 
Page 8 

Money Markets. Page 32 


£ in New York 


Spot ,S 1,7280-73001 51,7195-7315 
l month ;0 JO-O.35 pm. 0.30-0.45 pm 
3 months! l.ZO- 1J2 5 pm> 1.37-1.42 pm 
12 month b! 4. 80-4 .90 pnrv5.1S-5J25 pm 


CRUDE OIL traders cut spot 
prices yesterday in the expecta- 
tion that Sandi Arabia would 
soon reduce the official price of 
its exports. 

The spot market move fol- 
lowed the suspension of the 
meeting in Vienna at the week- 
end of the Organisation of 
Petroleum Exporting Countries 
lOpecl. The emergency meet- 
ing ended in disarray, with the 
13 members failing to agree on 
production levels and with 
Saudi Arabia unsuccessful in its 
bid to persuade African pro- 
ducers to raise their prices 

Spot prices of freely-traded 
cargoes of Arabian Light crude 
fell yesterday by about 50 U.S. 
cents to about $31.50 (£10.71) 
a barrel — $2.75 below the 19S2 
peak spot price in May. and 
some $2.50 below the present 
official contract rate. There 
were also falls in the spot 
prices for other grades. 

As yet there has been no 
official confirmation that the 
Saudis will cut contract rates. 
Mr Abdul-Aziz al Turki, the 
Saudi Deputy Oil Minister, said 
after the Vienna meeting lhat 
the kingdom would “ monitor 
the market and decide.” Oil 
industry observers commented 
yesterday that it was significant 
that Mr al Turki sad said the 
market, rather than Opec. would 
influence the decision. But few 
expected a big Saudi price 
reduction. 

Dr Mans Said al Otaiba, the 
United Arab Emirates Oil Min- 
ister. is expected to meet King 
Fahd of Saudi Arabia in the 
next few days to discuss Opec 
price and production issues. Dr 
Otaiba said before he left 
Vienna that, if the Saudis did 
decide on a price cut. the re- 
duction could apply in one of 
two ways: 

®The Saudis could officially 
respect the S34-a-barrel Opec re- 
ference price but sell at a dis- 
count. In that way. the official 
price would be recognised as 
the “deemed marker.” a prac- 


1S Per band 


OH Price 


SAUDI AflAUUa 

ugh I spot i 


|l9[82f | | I M 

J f M A K J -i 

tiee used in the past by Opec at 
times of price disarray. 

0 Or rhe Saudis could force 
down the official reference price 
and the entire Opec price struc- 
ture. Within the industry, such 
a move is thought unlikely, 
given that Iran and mam 
African producers might take it 
as a signal to reduce tiieir rates. 

The Vienna meeting was sus- 
pended largely because Iran, 
Algeria, Libya and Nigeria 
failed to take steps regarded by 
Saudi Arabia — lhe leading ex- 
porter — as essential for a 
stable oil market. Iran and 
Libya have refused to abide by 
an Opec agreement to share 
production. 

. The main African producers 
— Algeria. Libya and Nigeria — 
failed to bow to Saudi pressure 
for a SI.50-a-barrei price in- 
crease. The Saudis argued that 
African crudes were under- 
priced at about 835.50 a barrel, 
given their high duality’ and 
closeness to rhe main 
consumers. 

The Opec conference is ex- 
pected to be resumed after the 
next meeting nf the organisa- 
tion’s monitoring committee, 
due in late August. 

Opec fails 2cid test. Page 14 
Spot prices. Pago 29 
PLO willing to recognise Israel, 
Back Page 


Taiwan halts NEI deal 

BY MAURICE SAMUELS ON IN LONDON AND BOB KING IN TAIPEH 


NORTHERN Engineering In- 
dustries' hopes of supplying 
£80m of generating equipment 
to Taiwan foundered yesterday 
when the Taiwan Power Com- 
pany said it was postponing in- 
definitely plans to construct its 
seventh and eighth nuclear 
power stations. 

The decision has sparked 
fears of further capital plant 
project cancellation by Taiwan. 

It was less than two months 


ago that it was announced that 
NEI had received letters of 
Intent to supply equipment for 
Taiwan’s proposed Yenliao 
power station, one of the two 
nuclear projects nnw postponed. 

The Newcastle-upon-Tyne- 
based group, which last' night 
still had no formal confirmation 
of the news, said it would be 
•very disappointed” at losing 
a deal won against severe com- 
Continued on Back Page 


lop an extraordinary profit of 
about £40m- Consolidated net 
assets of the Malaysian com- 
pany attributable to Dunlop 
shareholders were £18m on De- 
cember 31 1981. 

Dunlop said it would use the 
proceeds, of the sale for general 
corporate financing purchases. 
This wiH enhance its attributable 
after-tax results by about £7m 
in a full year. 

The sale of tbe 51 per cent 
holding will -put the Malaysian 
company entirely in local bands, 
because the remaining 49 per 
cent of its shares are held 
already by Malaysian insti- 
tutions and Investors. 

Dunlop said it had received 
a number of approaches from 
Malaysian companies but Pegi's 
offer was the most favourable. 

Dun] ops shares rose by 3p 

yesterday, to 67p, 

Background, Page 16 
Lex, Baek Page 


FQE^ELS-MOlirEiTMAl^ *FOOftEX-MOI^r?MAIR 

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So remember- whatever pour 
currency requirements or exposures 
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Wales before making a move. 


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Financial Times Tuesday. July i3 1AS2 


EUROPEAN NEWS 


Economic effects 
of bank rescue 
concern 



BY MET1N MUNIR IN ISTANBUL 


THE TURKISH Government's 
attempt to prop up the country's 
hanking system following tie 
collapse of banker Kasteili, the 
country's largest money broker, 
has led to a sizeable expansion 
in the monetary base. If un- 
checked. bankers believe, this 
could have serious effects on 
the battle against inflation and 
the tight money policy which 
has been pursued since 1980. 

The central bank pumped 
TL 52bn t£i83m> into the 
system between May 28 and 
July 2, leading to a 13 per cent 
increase in the monetary base 
which stood at TL 394bn 
(£J.3Sbn) on May 28. Such a 
rise could be “disastrous if it 
continues." according to one 
banker. It could push up the 
rate of inflation, which was 30 
per cent in May, and could 
prompt a confrontation 
between the Government and 
the International Monetary 
Fund, with which Turkey has a 
three-year stand-by agreement, 
shetaoin shrdiu emfwyp vbgk v 

When Banker Kasteili col- 
lapsed on June 21, the central 
bank was forced to intervene to 
prevent a run on some other 
banks. It loaned them a total 
of TL 12bn f £42m) and also ad- 
vanced the state-owned Agricul- 


ture (Ziraat) Bank some 
TL 15bn (£52m). A sizeable 
portion of' this money is 
believed to have found its way 
to ailing banks or brokers. 

According to the central bank, 
however, the increase in the 
monetary’ base is usyal in the 
beginning of each month when 
salaries^ and pensions are paid. 
The "recent upsurge was' not'dilf 
of the ordinary, it said; and 
money would, start returning. to 
Treasury coffers as the month 
progressed. “This is the normal 
pattern every month.” said a 
central bank officiaL 

Commercial bankers ex- 
pressed scepticism! . Some 
thought that the growth in the 
monetary base could Imply That 
the Government had relaxed its 
tight money policy or lost con- 
trol of it altogether in the quest 
to save banks and introduce 
some liquidity into the system. 

They believed it would not 
be easy to reverse the situation 
this month and next, when addi- 
tional money would have to be 
pumped into the system. This 
would be partly due to the fact 
that expatriate workers are re- 
turning home from West Ger- 
many for summer holidays with 
millions of Deutsche Marks, and 
the harvest would be coming in. 


Portugal presses harder 
over EEC membership 


BY DIANA SMITH IN USBON 

THE PORTUGUESE Govern- 
ment is urging Denmark, 
current president of the EEC 
Council of Ministers, to agree to 
a meeting at ministerial level on 
July 20 to discuss Portugal’s 
admission to the European Com- 
munity. 


There are strong signs of re- sion. 


has taken a very tough line on 
restrictive transition periods for 
Portuguese textiles. Govern- 
ment leaders in Lisbon, how- 
ever, are being very firm in 
public, about their reluctance to 
see any limitations on textile 
exports to the' EEC after acces- 


sistance. but the Portuguese are 
being unusually insistent. They 
want to wind up three important 
subjects — customs union, ex- 
ternal policy and fiscal policy, 
before the Community takes its 
summer break. 

Above all, there is a desire to 
sort out the textiles item in the. 
customs union dossier. This is 
possible the worst problem 
Portugal has with the Com- 
munity, especially France, which 


Government officals have 
reacted with extreme caution to 
President Francois Mitterrand’s 
pessimistic views about Iberian 
membership of the EEC. Until 
now, Lisbon bas felt reassured 
that if Spain stumbled on the 
road to Community membership, 
Portugal would still move for- 
ward. But the fear of delays 
due to some EEC members’ 
reservations, has goaded nego- 
tiators into a burst of energy. 


World Cup heroes return to Roman 


vote vital 
for Spanish 
ruling party 

By Robert Graham, 

in Madrid 

A CRUCIAL meeting to deter- 
mine the fate of the ruling 
Union de Centro Democratic*) 
iUCD) began here yesterday 
evening. The party’s political 
committee was meeting to 
approve the nomination of Sr 
Landelino Lavilla. the Speaker 
rtf Parliament, as its new leader 
following the resignation from 
this post last week of Sr 
.Leopoldo _Calvo Sotelo the 
Prime Minister." ’ 

The party has been split in- 
creasingly' by bitter quarrels 
over personalities and- identity 
~ problems which have been 
accentuated by declining popu- 
larity with the electorate and 
the prospect of an early general 
election in the autumn. 

Sr Lavilla agreed to be a 
candidate after much hesita- 
tion. • He has reportedly made 
at least two conditions — an end 
to internal squabbles and a 
Cabinet reshuffle. 

There was little optimism 
that the change of leadership 
would prevent further deser- 
tions from the party. In par- 
ticular, Sr Adolfo Suarez, the 
former Prime Minister who 
twice led ihe UCD tD victory, 
indicated that he would not 
attend the meeting. 

His close aides said that he 
would he shorty visiting 
Venezuela and. on his return, 
would announce the formation 
of a centre party. He is 
believed to be confident that 
the further the UCD moves 
owards the Right, the greater 
the space to form his own 
party-. 

The meeting of the 230- 
strang political committee, 
which groups all the party fac- 
tions, was also expected to 
expose the continuing divisions 
between the Liberals and tbe 
Christian Democrats on the one 
hand and the new party leader- 
ship. A sizeable element of tbe 
Liberals and Christian Demo- 
crats are also likely to defect. 
" There is still no suggestion 
that Sr Calvo Sotelo should 
quit as Prime Minister. He 
held the post as party leader 
for less than nine months and 
was never happy in having to 
combine both roles. He offered 
his resignation to allow a new 
person to concentrate full time 
on the party and to relieve 
some of the critical pressure 
building up since the USD's 
disastrous defeat in the elec- 
tions last May. 



BY RUPERT CORNWELL IN ROME 

ITALY'S all-conquering foot- 
ballers returned home yester- 
day to their own Roman 
triumph, as their 56m com- 
patriots, coped with delirnim, 
giant ' celebratory hangovers, 
and a lingering disbelief that 
their heroes had. in fact, 
managed to win the World 
Cup. 

Conventional worries — 
whether over the forthcoming 
austerity measures promised 
hy the Government, strikes, 

or hank scandals— wore put 
firmly to one side as the per- 
sonal airliner of President 
Sandro Pert ini, with its price- 
less human cargo of 22 
soccer players, lauded In late 
morning at the capital's 
Ciampluo Airport. 

Five thousand supporters 
waited on the tarmac, and 
thousands more lined the 
Applan Way, as the Presiden- 
tial limosine and team 
coaches drove to the Quirt nale 
Palace where there was a- 
celebratory lunch. 

A further crowd was wait- 
ing at he Qnlrinale. Someone 
had arranged for the rousing 
airs from Verdis opera 
Nabueco to be played over 
loudspeakers. But they wore 
largely drowned by the chants 



A gleeful President Pertini receives a congratulatory embrace from Sr Calvo Sotelo, the 
Spanish Prime Minister (left), while King. Juan Carlos commiserates with Chancellor 
Schmidt (right) at the end of -Sunday’s World Cup final in Madrid. 


of supporters, restrained from 
outright assault by the Presi- 
dent’s formidable guard of 
plumed Corazzieri, who regu- 
lation dictates must be at least 
6 ft 6ins talL 

Quite what will be the 
effects of the victory, do one 


can tell. Already, the national 
team's successes have helped 
stave off a government crisis. 
But will they create, as some 
of the leader writer were 
wishfully speculating, a more 
lasting sense of national 
unity and purpose? 


The World Cup result 
drove almost all other news 
off the front pages, even in 
those normally retaining a 
sense of proportion. “Italia, il 
caldo ti fa bell a,” (“ Italy, 
football makes you beauti- 
ful") declared Turin's staid 


La Stamp* across its entire 
front page. .. 

Sports newspapers hit all 
time- circulation records. The 
biggest of them. Corriere 
Bello Sport/Stadlo, sold 1.7iu 
copies, and GuzcUa Bello 
Spart Mm: this In a country 
where total, daily .newspaper 
circulation usually barely 
roaches 5 m. 

Among the millions who 
stayed revelling on the 
streets until dawn yesterday, 
damage was light. Only a few 
accidents were reported, even 
In Naples, where spirits — 
and fireworks— went higher 
than anywhere. Anions the 
mast serious casualties was a 
16th century equine statue hy 
Bartolomeo Ammannatt in 
Florence’s Piazza della 
Signoria, which lost two 
hooves and was covered In 
blue paint. 

Cashing in on the mood, 
Sig Giovanni Spadoiini. the 
Prime Minister, urged team 
spirit among his squabbling 
Government as it prepared to 
tackle the runaway public 
sector borrowing require- 
ment But team spirit in 
Barcelona and Madrid is one 
thing, in the Cabinet here it 
1 S quite another. 


Sanctions key to deal on Polish bank debt 


BY DAVID BUCHAN. EAST EUROPE CORRESPONDENT 


WESTERN BANKERS and 
Polish ' officials, who started dis- 
cussions last week in Vienna on 
rescheduling Poland's 1982 com- 
mercial bank debt are looking 
to Nato government, to soften 
their sanctions against the War- 
saw Government before any re- 
scheduling deal can. be reached. 

Over the weekend, however, 
President Ronald Reagan 
scoffed at what he called “so- 
called leaks” emanating from 
Washington that his administra- 
tion was seeking anxiously some 
relaxation of martial Taw in 
Poland so that it could ease the 
economic sanctions which have 
set the U.S. at odds with some 
of its West European allies. The 
leakers, the President suggested, 
“do not know what the hell they 
are talking about." 

The U.S.'s allies have been 
upset mostly by -the ban on the 
inclusion of U.S. technology in 
Western equipment supplies for 
the Siberia-Western Europe gas 
pipeline. But if General Woj- 
ciecb Jaruzelski were to ease 
martial law in Poland, other 
U.S.-instigated sanctions which 
might be relaxed include the re- 


fusal by Western governments 
to discuss rescheduling of the 
officially guaranteed portion of 
Poland's 1982 debt. 

The Poles have been told by 
Western bankers that if they 
pay some of the $900m they owe 
this year, part of this might be 
recycled back in the form of 
short-term trade credits. They 
do not want to move too far 
ahead of Western governments 
on rescheduling, however, for 
fear of being caught on a limb in 
the event of default. The Polish 
Government also wants to keep a 
link between private and gov- 
ernment rescheduling. 

As Mr Zbigniew Karcz, the 
Finance Ministry’s international 
director, said recently: “With- 
out at least an initial under- 
standing with the (Western) 
governments, we will be virtu- 
ally unable to tell .the 
(Western) banks anything con- 
cerning our expectations and 
our capabilities.” 

Polish officials have given 


WHAT POLAND HA5 TO 
REPAY AND WHEN 
Maturity schedule (in Sbn 
as of March 31, 1982) 


19S2 

55 

1983 

4J 

1984 

2 J 

1985 

1.6 

Later yean 

9.1 

Total 

23J 


Source; Polish Finance Ministry 
end Bank Handlowy 


Western bankers some facts 
and forecasts to go on. Accord- 
ing to a~ confidential compila- 
tion of these. Poland recorded 
a hard currency trade surplus 
of gllOm in the first quarter 
of 1982, compared with a (751m 
deficit for the whole of last 


year. 

In 


late May, the Polish 


authorities were forecasting a 
$400m trade surplus for the 
year. Even though Polish in- 
dustry is still desperately short 
of Western raw materials and 
components, this may be a 
reasonable estimate in light of 
the surprising fact revealed by 
the confidential document that 
Poland received (501m in new 
medium- and long-term credits 
in the first three months of 
this year. 

The Poles have also said they 
expert to end 19S2 with a $400m 
surplus on invisible transactions 
(services and remittances) with 
the West Most Western ban- 
kers. however, believe the 
figure will be nearer S3 00m. 

These sums are very small to 
service the country's giant debt. 
Even with a b'etter trade per- 
formance in January-March 
this year, Poland's current 
account balance in the first 
quarter was still $448m in the 
red, because it was then still 
paying interest on 1SS1 debt. 


Solidarity overture to authorities 


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BY CHRISTOPHER BOBINSKf IN WARSAW 

THE SOLIDARITY movement’s eased by General Wojciech 
national leadership, in hiding Jaruzelski, the military leader, 
from the authorities, has called 
on its supporters to suspend all 
strikes and protest actions until 
July 22 — Poland's national day 


— in a conciliatory gesture 
towards the Government. 

The intention is to bring pres- 
sure on the authorities to come 
to terms with the union before 
July 22, when Solidarity acti- 
vists expect martial law to be 


Mr Zbigniew Bujak from War- 
saw, Mr Bogdan Us from 
Gdansk, Mr Wladyslaw Frasy- 
niuk from Wroclaw, and Mr 
Wladyslaw Herdek from Krakow 
say their call is “an expression 
of a readiness to reach an agree- 
ment.” 

Gen Jaruzelski is expected to 
deliver a speech in Parliament 
on July 22 outlining policies 
which could lead to the lifting 


of martial law. It is likely to he 
accompanied by the release of 
many of the 2,400 internees and 
possibly, an easing of foreign 
travel restrictions. 

Any hope of talks on an 
agreement with Solidarity 
appears to have hen dashed by 
the departure on holiday until 
July 19 of Archbishop Jozef 
Glemp, the Roman Catholic pri- 
mate. The Church would be a 
necessary partner in any serious 
talks. . 


Yugoslavia 
jails ethnic 
Albanians 

By David Buchan 

THE SENTENCING oF another 
batch of Albanian nationalists 
to up to 15 years' imprisonment 
in the southern Yugoslav pro- 
vince of Kosovo has coincided 
with further reports of murder 
and a rise in unemployment 
there. 

A court in Pristina, the 
provincial capital, over tlir 
weekend found a group of 1& 
ethnic Albanians guilty of suit- 
version and of trying to join 
Kosovo and other Albanian- 
populated areas of Yugoslavia 
to neighbouring Albania. 

At the same time, anniher 
group of 16 people went on trial 
in the town of Gnjilane on 
similar charges. 

The ’ Yugoslav federal 
authorities have reacted •'» 
ethnic Albanian demands for 
greater autonomy with a slmw 
of force coupled with offers nf 
more economic aid to the 
barieward province. 

Last year, the jobless rale 
was 27.5 per cent- in Kosovo, 
compared to a national average 
of 12 per cent and as little as 
1.3 per cent in Slovenia, the 
federation’s richest republic. 

Pristina Radio has aM 
reported the alleged murder 
this month of a Kosovo Serb hy 
his Albanian neighbour. There 
have been- raanv reports »r 
harassment of non-Albanians in 
Kosovo, a pattern which has 
caused a sizeable exodus of 
Serbs and which in turn runs 
the risk of provoking a back- 
lash in the Yugoslav republics 
of Serbia and Montenegro. 


Victor Walker in Athens on the new incentives for industry 

Greece waits to welcome investors 


GREECE'S Socialist Govern- 
ment has planted the incentives 
and is now waiting, committees 
at the ready, for the harvest of 
new industry. 

The new investment incen- 
tives legislation which recently 
emerged from Parliament is a 
substantial improvement on the 
originaL Bill. Clauses which 
would effectively have excluded 
offshore businesses from 
Athens were pencilled out after 
business groups and embassies 
approached the Government. 
Another provision thati would 
have ended the granting of ship- 
ping loans by banks in Piraeus, 
thereby damaging the port's 
chances of, consolidating its 
position as an international 
marine centre, met the same 
fate. 

Described by one backroom 
planner as *' a triumph for the 
process of dialogue," the new 
law-may be the best single piece 
of legislation yet put through by 
the Government of Premier 
Andreas Papandreou, as well as 
.considerably. better than the 18- 
month-old law it replaces. 

The new investment incen- 
tives are broadly the same as 
those in the law they replace, 
offering a choice of non-return- 
able grants, interest subsidisa- 
tion on bank loans, tax 
exemptions and accelerated 

depreciation allowances. But 
there is to be greater concentra : 
tion on the assessment of - a 
project before an application is 
approved and more controls 
afterwards, a speedier process- 
ing of applications, and more 
encouragement for the small 
investor. 

To promote the twin 
programmes of industrial 
decentralisation and regional 
development, the incentives are- 
scaled according to the area of 
the country in which . the '■ 
industry is to be sited. The sub- 1 
sidies -range from 25 to 50 per 
cent of the capital dost of . 
investments. .The exact percent- 
age will be determined not only 
on region bat on criteria: such 
as; -the level of technology 
introduced, productivity, 

eventual level, of exports or 
substitutes for imports, energy 
conservation, the need' fofr.. 


balanced development within 
the regions themselves — 
avoiding concentrations .of new 
industry, in the immediate 
vicinity of provincial towns— 
and who is doing the investing 

Similar considerations govern 
the apportionment of the other 
incentives, while the minimum 
own participation . requirement 
is also on a sliding scale, 
according to region. : 

The maximum grant is raised, 
by 15 per cent, and the own- 
participation requirement 
reduced by up to 10 per cent, 
for investments by focal 
authorities and co-operatives. 


is offered. An investor wishing 
to avoid equity participation by 
the state can take the grant 
percentage on the first Dr 400m 
only. 

As finally voted; however, the 
law clarifies that the equity is to 
be held by state-controlled in- 
vestment. banks. A provision 
to- pass it to local authorities 
was removed. To Mr Lazaris, 
" investors are used to dealing 
with the banks and frequently 
seek their participation in joint 
ventures, so I cannot see where 
the problem is supposed to lie. 1 ’ 

Mr Gerassimos Arsenis, now 
Minister of National Economy, 
of Grece, addressed the recent 


Described as “ a triumph for the process of 
dialogue,” thff ne wiaw may be the best single 
piece of legislation yet put through by the 
government of Premier Andreas Papandreou, 
as weU as being considerably better than the 
8-month-old- law it replaces 


These also apply to investments 
by Greek .workers and seamen, 
provided They' have been put of 
the country for at leas*.- three 
years and are Importing own 
capital in the form of foreign 
exchange. 

In response to criticism that 
Lhis amounts, to- special privi- 
leges, Mr Apostolos ' Lazaris, 
who, as co-ordination minister, 
steered the law thrtfUgh Parlia- 
ment before he was dropped in 
the recent reshuffle, responded 
that the Government sought to 
provide opportunities . for . the 
small invest or-— by, himself , in 
groups, or through coopera- 
tives. For the same reason, new 
.categories- of industrial and 
tourism enterprises well outside 
the normal • big .business ” 
circle are. .for the first time, 
made eligiblefor assistance. - 

Concenr has also been ex- 
pressed. over a provision that 
grants .are offered In cash only 
as a percentage of 'the' first 
Dr 400m (£3.33m) of an invest- 
ment.. Between thirt figure and 
.Dr 600m .the grant is half hr 
cash and half in state qulty 
participation and above = Dr'. 
fiQOmonly equity participation 


of Greece, a dressed the recent 
annual meeting of the Federa- 
tion of Greek Industries. He 
said to. meet its development 
aims, Greece would need an 
average annual growth rate 
-throughout the 1980s of 
approaching G per cent 3n stable 
prices, which would imply an 
increase in investment as a 
percentage of gross national -pror . 
duct from 17 to .23 per cent. 

This could not 'be achieved- 
through exports alone but 
would require a development 
effort directed' towards the 
domestic market .that would', 
bring production M closer to 
the form of domestic consump- 
tion that wiH result from the 
development process and a more 
just distribution of the national 
-income.” ' 

New investments, Mr Arsenis 
said, would cover "the whole 
i?>ectrum of our economic 
activity.** 

Thefre are also some vital 
questions for businesses in 
Greece, however: whether 
Greece will stay in the Common . 
Market, what the five-year plan 
due .to be tabled in Parliament . 
by ih^ end of the year will con- 


tain, and the extent to whicl 
..the creeping devaluation of the 
drachma against the dollar wil 
continue and will affect the 
competitiveness of the 
economy. 

And in the immediate fore- 
front of attention, there is the 
new trade union law, designed 
to bring into being “a mass, 
politicised trade union move- 
ment” id a form immediately 
recognisable to a British visitor 
from Transport House. 

- The Government believes that 
workers are too hard-headed 
and that anyway times arc loo 
.tough for there to be *' abusive 
exercise ” of the new righrs. At 
the same time, however, it has 
dismantled the legal machinery 
that -used to be employed 
almost as a matter of course 
against such stoppages as the 
month-long Greek bank strike. 

The Industries Federation be- 
lieves the legislation runs coun- 
ter to the effort for economic 
recovery. It objects that il 
makes no mention of creation of 
.'conditions and machineries for 
the peaceful settlement of 
labour, differences, “ essentially 
ignores the need for -improve- 
ment of productivity," and fore- 
sees the introduction of " partv 
antagonisms in all placed of 
work.’’ It asks: •• is this the way 
to promote the investment cli- 
mate?" 

It seems likely, though, that 
investment caution will con- 
■ tinue for the next few months, 
not so much because of dmihis 
over unionist behaviour as be- 
cause of the major issues still 
unresolved. These start with 
Greece's EEC membership and 
carry over into the effects on 
product «>st* of the drachma’s 
depreciation and soaring wage 
hills ..resulting from the intro- 
duction of wage indexation 
from this year — one industria- 
list .says • bluntly he has 
** entirely stopped " hirinc 
ywflg peopie. Bui at least a 
set of Inherently attractive in- 
centives: is firmly on the statiile 
books, for when prospects 
brighten. 

FINANCIAL TIMES, published da*'y 
mem Sundays and holidays. U S. 
■Bbscrlpnen ruM. S 385 .QD pat annum. 
Saeond Class paauga paid ac N"w 
York, N.Y.. and. at additions! mailino 
(WrtfM. 





Financial Times Tuesday July 13 1982 


OVERSEAS NEWS 


Western Sahara 
mines reopen 
after seven years 


BY FRANCK 6HKJ3S 

THE PHOSPHATE mines in 
the ' Western Sahara are 
operating again after being shift; 
down since 1975 as a result of 
frequent attacks by guerrillas 
who -wrecked- the "installations. 

The reopening- of tie mines, 
last Saturday.^- which coincided, 
with Ring Sassan’s 53rd birth- 
day, <is important for Morocco.. 
It confirms that the Moroccan 
military ace confident that the 
400 miles line of defence they 
have built to protect the major 
Western Saharan towns and 
the mines against attacks’ from 
the Polisario Liberation move- 
ment can withstand further 
attacks. The _ Polls ario have 
been fighting for six years to 
wrest the territory from 
Morocco and :: are strongly - 
backed by Algeria. 

The reopening conies a few 
weeks before the Organisation 
of African Unity meeting in 
Tripoli is due to debate the 
Issue of the Western Sahara. 

The “ Saharan Republic ” pro? 
claimed by Polisario six years 
ago was admitted to the OUA, 
blit in circumstances which 
were strongly contested by 
Morocco ' and its allies. Next 
month's summit; in Tripoli will 
have to decide' whether to 
endorse or oppose that derision. 

Earlier this month, the 
Polisario failed to penetrate the 
defences built by the. Moroc- 
cans; which include minefields, 
barbed wire entanglements and 
three-metre high ridges of sand 
and rock. A sipular attempt, 
last January also failed. The 
Bu-Craa mine, a 60-mile con- 
veyor belt built’ by Rnipp that 
carries the phosphate rock to 
the coast; a power station, 
phosphate rock treatment plant 
and loading pier, are all back 
in operation. . 

The reserves at Boti Craa, one 



of the richest phosphate mines 
m the world, are estimated at 
l.Tbn tons of high grade ore. 
The Spanish built mine (the 
Western Sahara was a Spanish 
colony for a hundred years up 
tff February 1976) is designed 
to produce 10m tons of phos- 
phate rock a year. In the last 
full year of operation, in 2974, 
about 2 -2m tons were exported. 

The • Spanish • Institute 
National de Industrial sub- 
sidiary -Fosfatos de Bu-Craa 
ceded 66 per cent of its equity 
in 1976 to the state-owned 
Moroccan phosphate mining 
and marketing agency Office 
Cfaerifien des Phosphates (OCP) 
after Spain withdrew from the 
western Sahara. 

Tlie OCP says Morocco’s total 
phosphate reserves are esti- 
mated at 57bn tonnes, or about 
75 per cent of the world total. 

Last year exports of Moroccan 
phosphates and phosphoric acid 
reached about 19m tonnes, a 
figure which is not expected to 
change much in 1982. 


Sharp rise in Japan 
defence budget urged 


BY CHARLES SMITH IN TOKYO 


JAPAN’S • Defence Agency 
wants to spend between 
Y4,300bn (f».6bn) and, Y4,500bn 
on "main equipment 11 such as 
ships and aircraft during - the 
five years from 1983 to 1987, in 
a bid to achieve defence cap- 
ability targets set out In a six- 
ye?r-old Defence Programme 
Outline. 

The new expenditure levels' 
would represent a sharp in- 
crease on • the Y2,7Q0tnr pro- 
posed for the 1980-84 mid-term 
programme. They represent 
Japan’s attempt to comply with 
US. demands for- a greatly, 
increased Japanese defence 
effort, particularly in areas 
such as air and 1 sea defence 
where a bigger input by Japan 
could mean a smaller burden 
for the U.S. • 

The Defence Agency has yet 
to announce its plans for the 
1983-37 mid term programme 
and may -not do so until early 
August. But figures in the range 
of Y4,300bn to Y4,500bn have 
been widely reported in the 


Tokyo press and are not being 
denied -by officials. 

Forces representatives at the 
Defence Agency are known to 
have wanted to spend as much 
as YB.OOObn when drafting work 
on the new mid-term pro- 
gramme started. This figure was 
revised downwards to Y5,000bn 
by civilian officials at the 
Agency and then to the 
Y4^Q0bn-Y4,500 level in nego- 
tiations between the Defence 
Agency and the Ministry of 
Finance. 

A Y4,500bn budget for main 
equipment purchases over the 
next five years would enable 
Japan to double its present 
stock of F-15 fighter aircraft 
and more than double its P3C 
anti-submarine aircraft force as 
well as to acquire a replacement 
for its outdated Badge eariy 
warning system. 

The adoption <tf the spending 
plan will make it likely that 
Japan’s defence spending will 
excede 1 per cent of GNP at 
some time during the next few 
years. 


Sharp fall 
in S. Korean 
borrowing 
needs 

.- By Aim Charters .In Seoul 
and David Dodwell in London 

SOUTH KOREA’S foreign 
capital borrowing needs Ter 
1982 are unlikely to exceed 
$6bn (£3.4f>n), in contrast 
with forecasts made early tills 
year of $7.5bn, according to 
the Ministry of Finance in 
Seoul. 

The improvement is due to 
a sharp recovery In South 
Korea’s balance of payments 
position as import costs have 
fallen. The current account 
deficit for the first five 
months of 1982 was just 
$500m — barely one-fifth of 
the deficit for the same period 
last year. 

The fall in borrowing 
needs takes pressure off the 
government to borrow ex- 
pensive short term funds, 
which have swollen to the 
point where they now account 
for over 24 per cent of South 
Korea's debt Of this year’s 
borrowings, only 3800m are 
now likely to be short term 
loans. 

A further $lbn will be met 
with concessional loans from 
the World Bank or the Asian 
Development Bank. 

About $2bn. has already 
been borrowed by the govern- 
ment, and about $L3bn of the 
remainder of this year’s 
foreign capital needs are 
likely to be commercial loans 
or foreign direct investment. 

The redaction in borrowing 
needs is ehleSy due to a drop 
in' tiie volume and value of 
imports. At the end of May, 
oil imports costs were 14 per 
cent below the same period a 
year earlier, with cereal im- 
ports 45 per cent down. 

This has led to forecasts 
that the trade deficit for 
1982 will be less than $2bn 
(compared with $3bn last 
year), ’ with the current 
ae count ' deficit trimmed to 
53bn from $4Jffin. 

Korea’s invisible trade also 
improved markedly, with a 
3600m deficit for the first 
five months last year bei»g 
turned into a $ 100 m surplus. 
Buoyant receipts from over- 
seas construction activities, 
which amounted to $Llbn in 
the five mouths to May and 
are expected to reach the 
32.7bn target for the year, 
also contributed to the 
balance of payments turn- 
around. 

Of this year’s 3&2bn bor- 
rowing needs, $4_4bn is 
needed to cover- debt and 
interest repayments. This 
assumes that UB. interest 
rates will stay at 16 per cent 
A shift either way of one 
percentage point will change 
the payments by $15O-$2O0m. 

At the end of 1981, Sooth 
Korea’s outstanding external 
debt amounted to $32.5bn. 
The government still con- 
servatively estimates animal 
borrowing needs averaging 
about ?9bn up to 1986, taking 
total debt in that year to 
about $64bn. But a recalcula- 
tion of oil costs implies 
borrowing needs may fall by 
ahont SlObn over the five- 
year period, trimming total 
debt to $54bn. 


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Australia announces record £5, 387m deficit 


BY GOLIN CHAPMAN IN SYDNEY 

Australian share markets and 
business received a jolt yes- 
terday when the Federal Gov- 
ernment announced a record 
deficit on enrrent account of 
A$9,097in (25A87.6m), signal- 
ling a continuation of high 
interest rates for some time. 

Figures announced by Mr 
John Howard, Treasurer, indi- 
cated that Australia’s trade 
deficit had risen eightfold in 
the fiit^nHal year ending June 

30 to A?3,400m. 

Mr Howard made no secret 
of the EkeUhood that interest 


rates would remain high. *1 
have said repeatedly that a 
country like Australia that 
needs to import a large 
amount of capital in order to 
balance its books has to have 
interest rates that are com- 
petitive with rates abroad so 
that capital finds a reason for 
coming here,” he said. . 

The trade deficit compares 
with a s ur pl us of AS2.?51m in 
1979410 and a deficit of 
A$371m in 198WHL Australia 
traditionally expediences a 
surplus on "its balance of 


trade and a loss on its enrrent 
account; which Includes the 
cost of invisible items such 
as freight insurance and 
repatriated dividends. 

The eniTent account deficit 
is equal to about 6 per cent 
Of gross domestic product, 
and only in one year since 
World War H, 1951, has it 
reached a higher proportion 
of GDP. 

The main reasons for Aus- 
tralia’s bad trade perform- 
ance are lacklustre exports. 
Export growth was only 1 per 


cent to, A$19,089m, while 
imports rose 17 per cent to 
A$22,489m. 

The major increases in 
imports were in petroleum, 
np 10 per cent, chemicals up 
10 per cent, machinery and 
transport equipment up 20 
per cent and manufactured 
goods up 20 per cent In the 
export area, major falls were 
recorded in exports of sugar, 
down 35 per cent, and wheat 
down 5 per cent, but coal 
exports rose 15 per cent as 
did iron ore. 


The bad trade figures high* 
light the problem faced by 
Hr Malcolm Fraser’s Govern, 
ment in attracting enough 
capital from overseas to 
balance the shortfall. Inevit- 
ably, It will put pressure on 
the value of the dollar. 

Much of the capital that has 
entered the country in recent 
months has been for 
corporate tax payments. The 
danger is that there could be 
an outflow in the weeks ahead 
putting further pressure on 
interest rates. 


Bernard Simon in Johannesburg assesses the effects of tighter national security 

South African business pays for protection 


A VISITOR to the new Sasol 
(South Africa Coal, Oil and 
Gas Corporation) oil-from-coal 
plants east of Johannesburg 
may be excused for mistaking 
the site as a top-secret military 
base. Security precautions — 
details of which may not be 
published in terms of South 
African law — are stifling. The 
first checkpoint manned by 
heavily armed guards, is nearly 
a mile from the plant itself, and 
a - group of journalists who 
visited the project recently were 
forbidden from taking any 
photographs. 

Sasol is a good, though 
extreme, example of the extent 
to which the deteriorating 
security situation in South 
Africa has affected commerce, 
industry and mining. 

The increasing incidence of 
sabotage and industrial unrest 
has spawned a battery of hew 
laws and regulations which few 
businessmen can -ignore. The 
authorities maintain that the 
measures are essential to pro- 
tect strategic installations, to 
ensure co-ordination between 
their owners and the defence 
force and to deprive potential 
attackers of useful information 
about their targets. Tighter 


security, they argue, also offers 
the fringe benefits of reduced 
petty crime and fewer indus- 
trial accidents. 

In the process, however, they 
have put a substantial burden 
on businesses in terms of man- 
power, money and, in the case 
of foreign investors, political 
pressures. 

There are two main areas of 
concern. One is the National 
Key Points Act passed at about 
the same time as Sasol installa- 
tions were damaged by black 
nationalists’ limpet mines two 
years ago. The other is the 
Defence Amendment Act, 
passed by parliament last 
month, which dramatically 
extends the scope of compul- 
sory military service. 

The Key Points Act gives the 
Government sweeping powers 
to compel owners of strategic 
installations to improve security 
measures. Several hundred “key 
points” have already been 
registered. They include 
harbours, airports and indus- 
trial plants— such as Sasol — 
power stations and oil 
refineries. 

In addition, the Key Points 
committee (chaired by a senior 
defence force officer) has pin- 


pointed a number of slightly 
less sensitive points, classified 
as “essential operating rites” 
but known by their Afrikaans 
initials as BPGs. 

To compensate owners of 
both key points and BPGs for 
outlays on security equipment, 
Pretoria recently agreed to 
allow these expenses as tax 
deductions, retrospective to 
1978. 

- But key point owners also 
have weighty responsibilities. 
Release of information on their 
sites is severely restricted and 
they have been instructed bow 
to deal with Press inquiries in 
the event of a guerrilla attack 
or other emergencies. A local 
newspaper was reprimanded 
recently for publishing an aerial 
photograph of the Richards Bay 
harbour. 

Several foreign investors have 
baulked at some of the duties 
expected of them. Oil companies 
were reluctant to arm then- 
guards. while a number of U.S. 
companies have refused to 
organise in-house “ industrial 
commandos ” or to allow the 
defence force to store weapons 
on their premises. “The line 
had to be drawn at overt par- 
ticipation," one executive says. 


The defence force appears 
willing to compromise. A 
number of plants, including 
Ford's Port Elizabeth factory, 
were recently declassified as 
key points after representations 
from the companies involved. 

The oil companies' objections 
were overcome by hiring guards 
from outside the company, 
while employers in the Eastern 
Cape have indicated that they 
will not object to their workers 
voluntarily joining defence 
units which cover an entire 
industrial park. 

The need for additional man- 
power to guard strategic instal- 
lations was an important part 
of the reasoning behind the 
extended military call-up, which 
makes all school-leavers liable 
for two months of military ser- 
vice a year for 12 years after 
their Initial two-year training 
period. The Defence Amend- 
ment Act also empowers the 
Government to conscript men 
up to the age of 60. 

All the conscripts will be 
whites. The defence force will 
thus be drawing exclusively 
from the group which makes 
up 70 per cent of South Africa's 
professional, managerial and 
artisan manpower. 


Businessmen are especially 
worried that the extended call- 
up will exacerbate a shortage 
of artisan skills. According to 
one estimate, the cost of 
replacement staff l when they 
can be found) will be K55m 
(£27.77m 1 a year. 

While the growing obsession 
with security has increased the 
cost for many companies of 
doing business in South 
Africa. others (including 
several foreign-owned com- 
panies) are profiting hand- 
somely from rising demand for 
security equipment, such as 
perimeter fencing, access con- 
trol systems and alarms. 
Chubb’s South African sub- 
sidiary reported a 52 per cent 
jump 'in sales of alarms in the 
year to March 19S2 and a 29 
per cent rise in the turnover 
of its physical security division. 

Over 300 companies are 
estimated to be in the security 
equipment business. Among the 
many newcomers are BTR and 
Mitchell Cotts, both British- 
owned. “ It's a growth market 
We don’t have to look for 
work,” observes the chief 
executive of one supplier. 



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3ETTIH6 TO KNOW 
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Predicting and then monitoring your cash flow is a 
relatively straightforward operation if you use a cash flow 
chart (see below) in which you itemise all your estimated 

receipts and payments over, say, a 12-month period. You can't 

always be sure a particular customer will pay a bill in a 


particular month, of course, but past experience should enable 
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An accurate cash flow forecast means that you can plan 
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‘Jfou’U find four working Cash Flow Otaris 
included with this free booklet on 
Cashflow Control and Liquidity % says Bill Jffrgstetff. 

This booklet, produced by our Business Information Service, 
sets out in dear, straightforward language the importance of cash flow 
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In a pocket at the back of the booklet you'll find four working 
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Financial Times Tuesday July 13- 19S2 


AMERICAN NEWS 


War with Argentina officially oyer 

BY BRIDGET BLOOM, DEFENCE CORRESPONDENT 


IG3 could 
share big 


THE WAS with Argentina over 
the Falkland Islands is sow offi- 
cially over. As a result Britain 
will repatriate nearly 600 
prisoners to Argentina, pro- 
bably by the end of this week. 

The Foreign Office announced 
yesterday that the government 
is now ja foiled that Argentina 
accepts tbit the Falklands con- 
fact has ended, just a month 
after General Mario Mependez, 
commander of the Argentine 
garrison in Port Stanley, 
surrendered to Major Gen 
Jeremy Mooie, the British 
commander. 

The Foreign Office statement 
provided the opportunity for a 
carefully - timed announcement 
from Washing ten that the U.S. 
has now lifted economic and 
financial sanctions on Argentina. 


Britain’s partners in the EEC 
lifted similar sanctions on June 
20. though the general arms em- 
bargo remains. But yesterday 
the Foreign Office made clear 
that British sanctions will re- 
main in force, at least for the 
time being. So too will the total 
exclusion zone imposed in the 
South Atlantic in May. 

The Ministry of Defence has 
also made clear that the very 
considerable number of British 
troops, aircraft and ships still on 
and around the Falklands will 
also remain. 

Yesterday's announcement 
that the remaining 593 prisoners 
would be returned to Argentina 
— more than 10,000 have already 
been repatriated — was linked by 
the Foreign Office to Argentina's 
acceptance of an end to hos- 


tilities. 

But It is evident that the 
Government was satisfied “ on 
the basis of. evidence available 
to us that the Argentine govern- 
ment accepts that active hostiti- 
ies are at an end." 

This, it said, made possible 
the release of the prisoners 
under Article 118 of the Geneva 
Convention, which specifies that 
all prisoners must berepatriated 
without delay following the end 
of hostilities. 

Hie Government's decision 
took account not only of week*' 
end messages — m which Argen- 
tina spoke of a '* de facto 
cessation of hostilities” — but 

also of other indications we 
have received about Argentina's 
intentions, " the Foreign Office 
saad. - 


The prisoners, who have been 
held in the fery St Edmund, are 
expected to sail for Puerto 
Madryn in the next day or two; 

In Buenos Aires there are 
dear signs that General 
Reynaldo Big none' s Government 
has not and does not intend to 
give up Argentina's claim to 
sovereignty over the Falklands, 
even if it recognises that further 
military action is ruled out for 
the time being, 
the islands. 

For its part, the Defence 
Ministry in London is taking no 
chances. There are currently 
still some 3,500 British troops 
to the Falklands. while many of 
those warships which have been 
returned to Britain- are being 
replaced. 


Recession has hit the U.S. north-west. David Lascelles reports 

Idaho gives thanks for potatoes 


SCIENTISTS HAVE worked out 
a remarkably accurate formula 
for predicting, within five 
minutes or so, when Old Faith- 
ful will squirt its 100 feet plume 
of boiling water and steam into 
the sky above Yellowstone Park 
in the Rockies. (It has some- 
thing to do with the size of the 
previous eruption, and usually 
works out to be at 75 minute 
intervals). 

But people who live in the 
north west U.S. must lx wish- 
ing their own lives were as 
predictable. Just as Detroit has 
been floored by the slump in 
car sales, the region (which in- 
cludes Washington State, 
Oregon, Idaho and parts of 
Montana and Wyoming) has 
taken a body blow from the 
other major disaster area in 
the U.S. economy: housing. As 
U.S. houses are largely made of 
wood, the north west’s vast tim- 
ber industry is suffering from 
the worst slump in decades — 
some say this century. 

On top of that, the catastro- 
phic fall in metals prices has 
driven the once-prosperous min- 
ing industry into dire straits. 
Not long ago, the region had the 
largest copper, silver and lead 
mines in the U.S. 

All three have now been 
dosed. Fanners are also suffer- 
ing from the squeeze in com- 
modity prices, while Seattle is 
once again bearing the brunt of 
the downturn in the world air- 
line industry as its major em- 
ployer, Boeing, finds itself 
forced to lay thousands off. 



Mr Cliff Morton, head of 
strategic planning at Boise 
Cascade, one of the U-S.’s largest 
forestry companies based in 
Boise, Idaho, said of the bousing 
slump: “I wish there was a 
more elegant word for it, but 
it's a disaster.’ 

Up in the forest and valleys, 
dozens of sawmills have been 
forced to shut down, many prob- 
ably for good. 

Mr Morton says the housing 
market is bound to recover, but 
he doubts that it will ever get 
bade to the boom levels of the 
1970s. Because of changes in the 
U.S. housing finance industry, 
mortgage rates will be higher 


and less predictable; people will 
convert old properties rather 
than build new ones. In future, 
a good year for bousing will be 
1.8m starts compared with more 
than 2m before, be believes. 
This implies a permanent 
shrinkage of the industry by 
about 10-15 per cent 
; The curtailment of mining 
and lumbering is good news 
for the environmentalist move- 
ment, which is specially strong 
In the western U.S. But it has 
played havoc with the budgets 
of local communities which 
rely on a tax of so much per 
tree felled or ton of ore 
removed for a large part of 
their revenues. Many have had 
to pare back services. 

At a state level politicians 
are also having trouble balanc- 
ing their books, especially with 
the cuts in federal grants man- 
dated by the reagan Adminis- 
tration. Washington, the big- 
gest state in the region, recently 
had its credit rating down- 
graded by the New York rating 
agencies because of its fiscal 
problems. 

The recession has also fed 
through to the service indus- 
tries. Burlington Northern, the 
large Seattle-based railway 
which hauls out much of the 
timber and ore, has been forced 
to lay off large numbers of 
workers. And so the story goes 
on. 

The downturn would have 
been less painful were it not 
that Boeing, which employs 


more people than anyone else 
in the north west is also in 
trouble. The recent maiden 
flight of its new 767 super- 
efficient passenger jet was 
marred by news of cancellations 
or postponements of many 
orders from airlines which are 
suffering huge losses. Orders for 
the smaller 757 are also in 
jeopardy. With profits sharply, 
down, Boeing has cut its work- 
force by 10,000 to about 70,000, 
and has warned that another 
10,000 jobs could go — though 
this threat is partly designed to 
put pressure on Washington DC 
to ease tax and trade finance 
laws to help Boeing sell air- 
craft 

Boeing’s plight is less trau- 
matic than in the early 1970s, 
however, when it cut its payroll 
of 100,000 by tivo-thirds and 
devastated Seattle. And local 
observers are still quite ' opti- 
mistic about the region. 

The timber and mining indus- 
tries were probably due for 
a shake-out The dramatic 
closures of mines and sawmills 
have also tended to obscure the 
underlying stability of the 
region's biggest industry, farm- 
ing. which produces some of the 
largest fniit and vegetable 
crops in the U.S. and sustains 
a large food-processing In- 
dustry. Idaho, whose vast potato 
industry has made it the butt 
of jokes throughout the U.S., 
finds it has a lot to be thankful 
for. “ Even the unemployed 
buy potatoes,” said a Boise 
businessman. 


Texaco oil 
discovery 

BY SUE CAMERON 

TEXACO has made what 
could be one of the biggest 
UjS. oil finds so far in waters 
off the coast of California. 
The UK-based Imperial 
Chemical Industries could 
share in the find. 

Texaco has now drilled 
both a discovery well and a 
confirm ation well on lease 
P315 and last night it said the 
flow rates from both had 
been “very good.” 

Texaco has not yet pat a 
figure on the estimated 
recoverable reserves from the 
field. But industry experts 
believe the field will prove to 
be one of the largest in the 
U.S., onshore or offshore. 

The discovery well flowed 
at a rate of 4,200 barrels a 
day and the confirmation well- 
sited a mile away — flowed at 
3,000 b/d. 

. Texaco confirmed that It is 
planning to develop the field, 
although it added that farther 
drilling would he necessary 
before a programme could be 
BnaHsgd. Production would 
not start for another three or 
four years. 

Texaco, which has a 35 per 
cent interest in the lease, is 
operator on behalf of a group 
of companies comprising 
Pennzoil which has a 25 per 
cent interest Sun Exploration 
and Production, which has a 
20 per cent stake, and Coeh 
Exploration, also with a 
20 per cent interest 

The discovery hag been 
made right next to a block in 
which the UK-based Imperial 
Chemical Industries has a 

10 per cent interest through 
its subsidiary Impkemix. 

Last year Chevron, operator 
on the block on behalf of 
Phillips, ChampLin and Imp- 
kemix, made a "significant 

011 discovery” on P0316. The 
find, called Point Arguello, is 
being followed up with a 
farther well and the results 
from this are expected in the 
next few months. 

The Texaco and the 
Chevron discoveries eonld 
we!! be part of the same huge 
oilfield although industry 
experts say farther work will 
be needed before this can be 
proved. 


Balanced budget 
amendment up 
for Senate debate 

BY ANATOLE KALETSKY IN WASHINGTON 


AN AMENDMENT to the U.S. 
Constitution which . would 
require the Government to 
maintain a balanced budget 
formally went before the Senate 
for debate yesterday, with a 
strong endorsement from Presi- 
dent Ronald Reagan. 

If passed by a two-thirds 
majority of both the Senate and 
the Honse of Representatives, 
and then ratified by two-thirds 
of the state legislatures, the 
amendment would radically 
alter all aspects of economic 
policymaking in the UB. 

Although the process of 
ratification by the states would 
take several years to complete, 
passage of the “balanced budget 
amendment” by the Congress 
could have an immediate impact 
on fiscal policies and the 
markets' reactions to them. 
President Reagan hopes that 
the knowledge that balanced 
budgets may be constitutionally 
guaranteed in the more distant 
future would relieve market 
anxieties about record budget 
deficits over the next few years. 

The measure is given a good 
chance of passage in the Senate, 
where R has 61 sponsors, 
including strong contingents 
from both parties, out of a 
total of 100 senators. In the 
House of Representatives, how- 
ever, its sponsors fall short of 
even a simple majority at 
present. Sentiment in the House 
could well change, however. If 
a groundswell of popular 
support for the balanced budget 


developed after acceptance of ; 
the amendment in the Senate. 

The amendment’s opponents 
are most likely to try to defeat 
or stall it in the Senate by pro- 
posing a barrage of further 
amendments. As it reads at 
present the constitutional 
amendment would: 

■ Require Congress before each 
fiscal year to adopt a statement, 
of receipts and outlays for that 
fiscal year where outlays do not 
exceed receipts. 

• Provide that such a statement 
may be in deficit if this deficit 
is approved by three- fifths of 
both the House of Representa- 
tives and the Senate. / 

• Require the President and 
Congress to ensure that outlays 
do not exceed the outlays set 

• Provide that federal receipts 
grow no more rapidly than the 
economy from which they are 
derived unless Congress by a 
simple majority vote has passed 
a Bill specifically approving 
additional revenae. 

In addition the amendment 
would require all federal expen- 
ditures, Including those that are 
not considered “off budget." to 
be included in the budget totals. 
Only debt interest payments 
would be excluded from the 
spending limits set each year. 

Opponents of the amendment 
believe that it would shackle 
the Government to an unrealis- 
tic fiscal policy which allows no 
room for variations in tax and 
spending caused by the business 
cyd 


New Orleans crash jet 
‘may have missed alert’ 

BY REGINALD DALE, US. EDITOR, IN WASHINGTON 


THE New Orleans airport con- 
trol tower twice broadcast 
warnings of dangerous wind pat- 
terns minutes before a doomed 
Pan American airliner took off 
and crashed in a thunderstorm 
on Friday, Federal air safety 
officials disclosed. 

The fully-loaded Boeing 727 
plunged into the nearby subnrb 
of Kenner, killing all 145 people 
aboard and at least eight on the 
ground in the second worst 
single aircraft aeddent in U.S. 
aviation history. 


It was not dear, however, 
whether the aircraft’s two pilots 
had beard the warnings to 
watch out for “wind shear," 
rapid shifts in wind speed and 
direction, the National Trans- 
portation Safety Board said. 
They could have been listening 
to a different radio frequency. 

Technicians were dis- 
appointed to find that the voices 
of the pilot, the co-pilot, who 
was flying the aircraft and the 
flight engineer had barely regis- 
tered on the cockpit recorder 
tape, 


Standing of 
Congressmen 
damaged by 
sex case 

By Anatolo Kalefcdcy 
In Washington “. 

U.S. POLITICIANS hare never 
been held in very high esteem 
by the American public which 
elects them. But the sex and 
drug scandal which U.S. con- 
gressmen had to deal with yes- 
terday as they returned frvn a 
two-week recess could not hare 
come at a worse time. Willi 
less than four months to go be- 
fore they hare to face me 
nation for re-election, '.every 
one is going to-get hit with this 
one" said a Congressional aide. 

The scandal concerns charges 
that up to a dozen Congressmen 
and Senators were imfircd 
with teenage pages (Congres- 
sional messengers! m a cocaine 
ring and homosexual nrnstmi- 
tion racket on Capitol Hm. 

The allegations spring to part 
from on investigation conducted 
secretly bv the FBI at the insti- 
eatiorf of ‘Mr Robert Doman, a 
leading right-wing congressman 
from California, with ties to the 
"Moral Majority." 

Mr Dorn an was apparently 
able to lure Congressmen into 
his office to discuss their dreg 
deals under FBI 
This investigation led- to the 
arrest of three young men. one 
of them a former paffe. He to 
turn introduced the FBI Jo 
other pages. They have impli- 
cated at least nine Congress- 
men— aix Democrats and three 
Republicans — in accusations of 
luring pages into homosexual 
activities. 

Congressional leaders vied 
with one another yesterday tn 
launch investigations into how 
such scandals might have 
developed. The House of Repre- 
sentatives Ethics Committee 
and Narcotics Committee wilt 
he briefed today behind closed 
doors by the FBI and Mr 
Robert Doman. 

Meanwhile, a Federal Grand 
Jury is studying the cocaine 
case, while the FBI Is still 
collecting evidence on the male 
prostitution aspects. 

The scandal could prove to 
be a serious blow for Demo- 
cratic party leaders, who have 
been. trying to build the Con- 
graft: into a more effective 
vehicle of opposition to Presi- 
dent Ronald Reagan. 

Having been accused by Mr 
Reagan earlier this year of 
“Mickey Mouse” behaviour 
over the budget, their standing 
in UJS. publiq opinion is now 
even lower; even though they 
have nothing to do with the 

rfinvirlalo ■« 


WORLD TRADE NEWS 


Reagan ponders bill to protect 
U.S. printing industry 

BY PAUL CHEESERIGHT, WORLD TRADE EDITOR 


Shipbuilding 
orders 
‘likely to 


LEGISLATION to protect the 
U.S. printing industry from 
foreign competition is now 
before President Reagan, await- 
ing either a veto or a signature 
to bring it into force for four 
years. 

Administration officials have 
come urder considerable pres- 
sure from European govern- 
ments to use their influence in 
favour of a veto. 

The U.S. Congress has passed 
Bills which would extend the 
duration of the manufacturing 
clause in the U.S. copyright 
law. now half a century old. 

This clause officially expired 
at the beginning of the month. 
Its effect is to prevent most 
books, catalogues and magazines 
sold in the U.S. from being 
printed abroad. The clause was 
written into the original legis- 
lation to encourage developing 
U.S. industry. 


If President Reagan accepts 
the latest Congressional 
measures, the manufacturing 
clause would continue in opera- 
tion untH July, 1986. 

The issue aggravates the 
European industry, which con- 
siders that the UJ5. industry is 
quite capable of standing on its 
own feet without the benefit of 
protection. UK industry esti- 
mates suggest that some £40m 
of business a year is at stake. 

The European Commission in 
May wrote to the UJS. delega- 
tion to the General Agreement 
on Tariffs and Trade in Geneva 
requesting a meeting under the 
Gatt disputes procedure - about 
protection of the U.S. printing 
industry. So far, there has been 
no response. 

A UK delegation led by Mr 
Peter Rees, the Minister for 
Trade, was told in Washington a 


fortnight ago by Mr Malcolm 
Baldrige, the Commerce Secre- 
tary, that he would support a 
presidential veto of an exten- 
sion of the manufacturing 
clause. 

The attitude of the UJ3. Trade 
Representatives' office was ap- 
parently less dear-cut, presum- 
ably reflecting trade union con- 
cern in the UB. about the effect 
on jobs -of foreign competition. 

The charge was made that 
there is a protection in the UK. 
to the extent that the Church of 
England requires all its prayer 
books to be printed in the UK. 

A Church of England official 
yesterday said that the copy- 
right of the prayer book is held 
by Eyre and Spottiswoode and 
the Cambridge University Press, 
but agreed that it was up to 
them whether they chose to 
have the printing done in the 
UK or not. 


Trade tensions between 
EEC and Japan worsen 

BY BR1J KHINDAR1A IN GENEVA 
TRADE TENSIONS between 


Cape Verde to 
open shipyard 

By Diana Smith in Lisbon 
THE CAPE VERDE ISLANDS, 
once a Portuguese colony, will 
inaugurate a $40m (£23m) ship 
repair yard in October. 

The yard is a joint venture 
between the Cape Verdian 
Government, Lisnave (the 
Lisbon yards jointly owned by 
Portuguese, Dutch and 
Norwegian interests, which has 
supplied the technology and 
will run the new yard), and the 
Dutch concern. Wall, which is 
building the drydock. 

John Griffiths adds: Leyland 
Bus has won its second large 
order this year from UTIC, 
Portugal’s biggest bus and 
coach builder. It is to supply 
£2m-worth of Leyland engines, 

French groups share 
in HK transit deal 

Hong Kong’s Mass Transit Rail- 
way Corporation said it awarded 
contracts worth a total of 
HK$340m (£35m) to three 
French concerns to supply and 
fit equipment for its new island 
underground line,- Reuter 
reports from Hong Kong 1 . 
Compagnie Generate d’Auto^ 
maltsrae has won a 8150m coo- : 
tract for automatic fare collec* j 
tion machines and Constructions j 
Navales et industiieUes de 3a 
Medicerranee will make and 
install escalators in a deal 
worth $12Sm. The third con- 
tract, worth S62m, went to 
Aisthom Atlantique SA 


the European Economic Com- 
munity and Japan have wor- 
sened following Japan’s rejec- 
tion at the weekend of a Com- 
munity complaint against its 
trading ' practice s _ ja s being 
“ abstract " and without foun- 
dation. 

The Community is now study- 
ing ways of bringing more pres- 
sure on Japan through the 
General Agreement on Tariffs 
and Trade (Gatt), but it has few 
options left because of Japan’s 
skilful handling of Gatt proce- 
dures. 

The latest round of talks be- 
tween the two have ended in 
Geneva with the Japanese 
saying they remain willing to 
discuss “specific issues" but 
can do nothing substantive to 
alter *' the structure and organ- 
isation of the Japanese eco- 
nomy,” as demanded by the 
Community. 

Nor does Japan plan any 
measures to reduce its trade 
surplus with the Community be- 
yond those announced in May, 
two days before the Versailles 
economic summit. 

The EEC Commission now 
wDl report to its Council of 
Ministers on July 19, but it can 
do .little more than suggest the 
creation of a working group in 
Gatt, to study the issues under 
dispute. But other Gatt mem- 
bers are as puzzled as Japan at 

(. 


the Community’s attempt to use 
the Gatt Agreement; which deals 
with international trade rules, 
to win changes in wider Japa- 
nese economic policies. 

No dates have been set for 
renewed talks. 

Sharpening the tone of the 
talks, the Community issued a 
statement entitled “ Even Euro- 
pean patience has its limits." It 
said the problems have "become 
so large and acute that a step- 
by-step policy is no . longer 
enough to resolve them." 

“ Finding a solution ulti- 
mately depends on Japan's 
ability to fulfil its responsibili- 
ties in today’s world.” 

At a news conference Japa- 
nese chief delegate Mr Masaki 
Sei insisted Japan is,. "not a 
closed society” and blamed 
lethargic European businessmen 
for failure to break into Japan's 
market which Is half the size 
of the Community." 

“To say that Japan Is a 
dosed market discourages busi- 
nessmen from trying. We want 
that people should not give up ” 
he said, recalling that Japan 
this year created several advi- 
sory services to help foreign 
businessmen and bankers to 
understand Japanese ways, 

Mr Sei rejected the Com- 
munity argument that Japanese 
business methods “nullify and 
impair” benefits it has a right 
to expect as a Gatt member. 

, S, 


pickup’ 

By Andrew Fisher, . 

Shipping Correspondent 

B & W DIESEL, one of the 
world’s leading marine 
engine makers, expeets world 
' shipbuilding orders to pick up 
towards the mid-19S0s after 
a sharp fall this and next 
year. 

With the world economy In 
recession and growing surplus 
capacity In most oil tanker 
and dry bulk sectors, new 
orders are expected to drop 
considerably in the near 
future. 

But the Copenhagen-based 
company, now owned by 
9LAJI. of West Germany, 
reckons there will be a surge 
in ordering of general cargo 
ships, including container, 
roll-on/roll-off vessels and 
cargo-carrying ferries. 

Even so, this will not be 
enough to make up for the 
declining orders for tankers 
and bulk carriers in this 
period. Thus B & W Diesel 
forecasts a drop in world-wide 
ordering of larger merchant 
ships from 28m dw tonnes last 
year to only 17m dwt in 1982. 

Total orders placed in 1983 
are also likely to be down on 
last year, the company says in 
its newsletter. But successive 
boosts should come from 
rising demand for tankers 
after late 1983 and then for 
bulk carriers from late 1984. 

Seeking to counter to wide- 
spread gloom In the industry, 
B & W says “ not all segments 
of the maritime transporta- 
tion industry are in crisis." 
But it does agree that “ the 
crisis is a reality." 

The company's review notes 
that there are some positive 
areas in the market and that 
the length and extent of the 
crisis differs greatly from one 
sector to another. 

Deliveries of new ships are 
moving up again because of 
the orders placed in recent 
years. “However, the revival 
is only short" B & W Diesel 
adds. The lack of current 
orders trill soon cause output 
to fall to low 1980 levels, but 
a subst a ntial rise is foreseen 
after 1984. 

The B & W experts see new 
tanker orders picking up in 
the next few years. Ships in 
the 60,000-150,000 dwt range 
should benefit from 1984, 
with those above 150,000 dwt 
playing a larger part in order 
books from 1985. 


Richard Hanson reports on a drive to woo high-technology companies 

Kyushu in bid to be Silicon Island 


IN THE LIGHT of recent rows 
■over trade, many to the West 
may have the impression that 
Japan is inhospitable to foreign 
investment. 

This is not the case any more 
in Kyushu. Japan’s large south- 
western island has begun a 
drive to revitalise Its seriously 
depressed local economy with 
large infusions of capital 
preferably high technology 
investment, regardless of the 
country of origin. 

Once Japan’s main window 
on the rest of the world, 
Kyushu wants to become 
Japan's equivalent of Cali- 
fornia’s Silicon Valley. Foreign 
companies, as well as other 
Japanese high technology com- 
panies, are being wooed with 
generous incentives. A number 
have already- set up . In all 
Kyushu's mild climate and 
favourable circumstances have 
attracted about a dozen plants 
Involved in various phases of 
the semiconductor business. 

Several years ago Texas 
Instruments chose an isolated 
site in Oita Prefecture, in the 
north-east corner of the island, 
surrounded by orange groves. 
TI was fallowed this year by 
MAC, a U.S. microchip-related 
company. Fairchild will invest 
Y40bn (£90m) in a new semi- 
conductor plant in Nagasaki 
Prefecture, whose main in- 
dustry so far has been ship- 
building.. Among the Japanese 
entries is Oki. Electric’s semi- 
conductor plant in Miyazaki 
Prefecture, on Kyushu’s lush 


eastern coast 

Japan’s industrial landscape 
is generally well-known for. a 
number of bright manufactur- 
ing peaks, roost 1 of them 
increasingly dependent on 
advanced nricro-electronics. The 
dark side of the economy con- 
sists of a nearly equal number 
of ' cavernous depressions, 
industries such as stoptouilding 
and steel, where recessions have 
hit hard, and chemicals, coal 
mining and non-ferrous metals. 

In these areas Japan has 
simply tost much of its ability 
to compete in the world market 
with ' energy-rich countries. 
Kyushu, unfortunately, is 
littered with the latter trees of 
heavy- todustzy. . 

Kyushu’s problems resemble 
depressed industrial or mining 
regions in the West. 

In the 2950s; Kyushu' pro- 
duced 50 per cent of Japan’s 
coal in about 500 mines. Today 
there are only five- urines left 
One coal town, Imarl has lost 
nearly 20 per cent of its 
population as a result of shut- 
downs. In other ureas, .such' as 
crockery (perhaps Japan’s' first 
Industrial technology import) 
falling demand -threatens toe 
livelihoods of local craftsmen. 

Mostly as a result of 'fading 
coal production, Kyushu with 
11 per cent of toe. population 
has seen its share of Japan’s 
total industrial output fall 
below 10 per cent since as far 
back as -1964. This is stttlhigher 
per capita than a number iff 
other more depressed , areas in 


Japan (notably northern 
Honshu). . But Kyushu’s 
frustrations appear -to have been 
heightened by toe failure of a 
number of ambitious redevelop- 
ment plans to take off; 

The proportion of farmers in 
Kyushu's population remains 
roughly twice the national 
average. Labour statistics sbow 
overall employment conditions 
to be dramatically worse than 
in Japan’s relatively prosperous 
.main industrial centres. 

Local governments in Kyushu 
began, sounding the alarm over 
what in some cases threatened 
to be a long-term trend toward 
depopulation In the early 1970s. 
This unfortunately was just 
before Japan’s economy was 
plunged into recession by the 
first oil crisis in 1973. 

The most popular solution 
then was to - embark on ambi- 
tious industrial devlopment pro- 
jects, with the help of the 
central government and special 
development organisations. 

While many of these projects 
seemed a good idea at the time, 
most of the industries targeted 
for the new developments 
(chemicals, petrochemicals and 
nonferrous metals) are now no 
longer viable in Japan. -because 
of the high cost of energy and, 
other raw materials. Kyushu* 
however, is . stuck with the 
projects. 1 

A ride in a small two-engined 
Cessna, over Nagasaki’s, 'six. 
industrial parks -drives home 
just how ambitious local govern- 
ment’s were In their plans tn 


attract heavy industry — and how 
unsuccessful Some SO per cent 
of N ag as aid’s mostly landfilled 
coastal developments are. The 
unsold portion costs local tax- 
payers about Y2.3tm each year 
to finance. 

This dilemma has prompted 
local governments, with the aid 
of the Ministry of International 
Trade and Industry (Miti), to 
seek other alternatives for 
attracting manufacturing. Mitt 
came up with the idea of help- 
ing the most depressed regions 
with a project for attracting 
high technology industry into 
the countryside. Mill and local 
governments have joined forces 
to provide incentives which 
apply equally to Japanese and 
foreign companies, willing to 
Invest. 

Apart from tax breaks, and 
various subsidies, Kyushu, for 
obvious reasons can offer an 
abundant labour supply, rela- 
tively low wages and cheap 
lands compared with every- 
where .but . other depressed 
regions of the country. 

- Miti has already started to 
drum up interest for investment 
In its various schemes, by 
arranging,. a, trade promotion 
programme,' - 

A recent tour of four of 
Kyushu’s . seven perfectures 
.indicated that the' local Kyushu 
population, too, is beginning to 
become enthused -aver the possi- 
bilities that foreign investors 
might seek a niche -on "silicon 
feiand" . 


Tokyo trade mission tours S.E. Asia 


BY OUR TOKYO CORRESPONDENT 


MR MASUBH ESAKI, a 
former Japanese Minister of 
International Trade and 
Industry, left yesterday for a 
tour of South-East Asia as 
leader of a ruling Liberal 
Democratic Party (LDP) 
fence-mending trade mission. 

Mr Esaki, who early tills 


year led LDP trade missions 
to' the U.S. and Europe, will 
represent Mr Zenko Suzuki, 
the Prime Minister, bint only 
as a -representative of the 
LDP- 

The group, however, will he 
accompanied by representa- 
tives from various govern- 


ment ministries in charge of- 
trade matters. 

The mission wiH -visit 
Thailand, the - Philippines, 
and Hong Kong until July 20. 
LDP politicians will then 
travel on to Taiwan, the first 
LDP mission since ties were 
cut 10 years ago. A similar 


mission win leave later in 
July for Malaysia, Indonesia. 
Singapore and Brunei, 

The most delicate portion 
•<tf the trip wifrbe to Taiwan, 
which earlier -this year offer- 
tively banned the import of 
over 3,500 Japanese consumer 
Items. 


India seeks minimum-price pact with China 


BY K. K. SHAftMA IN NEW DELHI 


INDIA HAS suggested to China 
that they should reach an agree- 
ment on a minimum price for 
some key goods that both export 
to other countries so as to 
improve their foreign exchange 
earnings. 

At present; there . is strong 


% 


competition between toe two 
countries in .the export of tea. 
jute, textiles, sports goods, knit-, 
wear, . woollens and light 
engineering items. 

The ' suggestion to fix mini- 
mum prices for .these has been 
made by India following im- 


provement in their political 
relations . in • two rounds of 
official-level talks with China. 

Among toe subjects discussed 
was their border over which- 
• China and 'India went to war in- 
1962 and SIno-Indtair relations 
nave been cool since them. - 


V 


- -Trade with China was 
resumed .in’ 2976 when the two 
. countries again exchanged 
ambassadors. Since, then, a 
man her of delegations repre- 
senting their trade organisa- 
tions. have, been exchanged. 

V V .;V - ' '.A.. 




Finan c ial Times Tuesday- July 13T982 



If you’re an unquoted company and 
you’re interested in alternative ways of 
raising money. Equity Finance from the 
Midland might be just what you need 

The basic idea is simple: 

We buy an interest in the company 
-either existing shares or a new 
subscription . 

You can then benefit from a useful ' 
injection of capital. (Amounts involved 
cango from £5,000 to £2 million or . 
more).. 

In case you’re worried about losing 
control of your business, don’t be 
- - Under no circumstances do we ever 
takecontroL 

You remain the boss. 

Here are the ways Equity Finance 
could be useful to you: 



STARTING A NEW VENTURE 

If the idea is sound enough. Equity 
Finance can be used to finance a 
totally new venture 
Here as always, the Midland takes a 
minority interest only. 



MANAGEMENT BUY-OUTS. 

Say you manage a subsidiary 
company or product line 
You may wish to breakaway from 
the parent organisation and buy the 
business you are running. 

Midland Equity Finance can help 
you do this. 



KEEPING IT IN THE FAMILY. 

When a company director passes 
shares on to his heirs, it is usually 
necessary to pay Capital Transfer Tax 
If raising themoney for the taxis a 
problem, some of the shares can be 
sold to the Midland. 


Jl 






s . ■ ; 



* ■ 



'3=Jr- 


MONEY FOR EXPANSION. 

One of the problems of being a 
successful company is that you can 
rapidly borrowup to your maximum 
Where this is so you can raise capital 
by issuing new shares. 



ENJOY YOUR RETIREMENT. 

When a director either leaves or 
retires hemay wish to cash insome 
or all of his shares for usein other 
investments. 

In these cases theMidlandmay 
wish to buy 

To knowmore about howMidland 
Equity Finance canhelp you, talkto 
your local Midland manager or write to: 

Midland BanklndustrM 
' Finance Limited, 

36 Poultry,LondonEC 2 R 8 Aj. 




TifHliitfPiiflrffir 





Midland 



Financial Times Tuesday July 13 19S2 


UK NEWS 


Small firm loan 
guarantees ‘help 
those in need’ 

B r JOHN ELLIOTT, INDUSTFUAL EDITOR 


A PRELIMINARY survey of 
the Government's scheme to 
guarantee loans made to smaiL 
firms indicates that about 60 
per cent of loans went to 
businesses which could not 
have raised finance elsewhere. 

A further 20 per cent could 
only have obtained finance by 
n (edging personal assets which, 
in many cases, the business 
people involved were unwilling 
to do. 

This means the Government 
would be broadly satisfied with 
the allocation of SO per cent 
of the loans. 

But the remaining 20 per 
cent included companies which 
could have obtained finance in 
the form of equity, or from 
other sources at very hi^h rates 
of interest. 

Also, 13 per cent of the loans 
were possibly “distress lend- 
ing." whereby the loans were 
provided solely or partly as 
urgently needed working 
capital. 

These are the results of a 
survey of 100 companies loaned 
money under the scheme be- 
tween last June and February. 
This is a very small sample — 
about - 5.000 loans have now 
been authorised — the findings 
are broadly in line with the 
views of many of the 30 banks 
involved. . 

A report on the survey was 
published yesterday and said 
“ all the external aspects of 
the scheme arc very ertcourag- 
ins." It added that several banks 
believed that "a major 
advantage of the scheme was 
that it was helping to change 
bank managers’ attitudes 
towards small firms’ finance." 
Over lime, this should lead to 
a "more enlightened attitude 
by banks to small firm finance." 
said the report. 

Through the scheme, the 
Government underwrites SO per 


rent of the value of each loan, 
up to £75,000. provided by 30 
banks. 

By the end of last month. 
4.9S2 loans worth £1 66.7m had 
been approved by the Depart- 
ment of Industry, which had 
been notified of about TO 
company failures. The Depart- 
ment has disbursed guaranteed 
sums to do with 40 of those 
failures at a cost of about 
£752.000. A failure rate of 1:10 
to 1:15 is emerging, having 
regard to the number of loans 
approved in the early months 
of the scheme. 

The Department has a fund 
to support guarantees which is 
built up from a 3 per cent 
premium charged b? the 
Government on each loan, on 
top of the banks’ rates of 
interest. So far this fund is in 
credit: 

They key Issue tackled by the 
survey is the question of “addi- 
tionality” — that is, whether 
the loan was genuinely addi- 
tional to what the people 
involved could have obtained 
from other sources. The question 
was “whether, without the loan 
guarantee scheme, finance would 
have been available from some 
bank or financial institution in a 
form acceptable to the firm." 

The survey indicates that 
about 80 per cent of the sample 
either would not have been able 
to raise finance without the 
scheme on any terms, or only 
by the pledging of personal 
assets. 

“Our impression is that 60 
per cent of the loan sample 
would not have gone ahead 
without the scheme, and another 
20 per cent would have had to 
give personal guarantees. 

The report concludes that “In 
its initial stages, the scheme is 
fulfilling its objectives by plug- 
ging. at least in part, a claimed 
gap in finance to small firms." 


Small new homes may be 
over-priced, says Anglia 


BY W1LUAM COCHRANE 

THE PRESENT crop dE new 
small starter homes is in danger 
of being over-priced by deve- 
lopers, the Anglia Building 
Society warns first- time home 
buyers today. 

It adds that sales gimmicks 
like free cars or holidays can 
result in mortgage valuations 
below the aciual selling price, 
which “ inevitably means a 
buyer finding more cash from 
his or her own pocket.” 

In Anglia's latest survey of 
the housing market its chief 
surveyor. Mr Peter Moreton. 
advises first-time buyers of new 
houses to check out the second- 
hand market carefully first, if 
only to obtain realistic com- 
parisons. 

Builders have a market, 
because the bedsit and oner 
bedroom starter homes are 
priced below — in some cases 
just below — prices of conven- 
tional larger houses. Mr More- 
ton says: ** Mini-homes require 
the same basic facilities of 
kitchens, bathrooms, services, 
roof and wails. Yet living 


space, is minimal, as is land 
occupation. 

“This means that they are 
more expensive per foot of 
usable space, but because of 
pricing levels can be decidedly 
more profitable to builders.” 

Anglia says that although the 
market is becoming active and 
prices in general are edging up, 
there are still plenty of bargain- 
price middle-range- second-hand 
houses on the market 

Mr Moreton cites the best 
bargains in the modem re-sale 
middle-price ranges, where the 
cost of a house can be about 10 
per cent below a comparable 
home. But. he adds, as prices 
in the lower end of the market 
are forced up there is bound to 
be more pressure on middle- 
price bousing, in the doldrums 
for nearly two years. 

"It must now be only a 
matter of time before the 
middle range shows a long- 
awaited increase in sales, and 
this in turn could have a 
general nudging effect on the 
whole housing ladder.” 


THIS NOTICE DOES NOT CONSTITUTE AN OFFER FOR SALE AND THE STOCKS 
LISTED BELOW ARE NOT AVAILABLE FOR PURCHASE DIRECT FROM THE 8ANK 
OF ENGLANO. OFFICIAL DEALINGS IN THE STOCKS ON THE STOCK EXCHANGE 
ARE EXPECTED TO COMMENCE ON WEDNESDAY, 14th JULY 1982. 


ISSUES OF GOVERNMENT STOCK 


The Bank of England announces that Her Majesty's Treasury has 
created on 12lh July 1982, and has issued to the Bank, an additional 
amount of £100 million of each of the Stacks listed below: 

11 ‘percent TREASURY STOCK, 1985 
13 percent TREASURY STOCK, 1990 
1 21 per cent EXCHEQUER 1 992 
121 per cent EXCHEQUER STOCK, 1994 
1 21 per cent TREASURY LOAN, 1 995 
12 percent EXCHEQUER STOCK, 1998 

The price paid by the Bank on issue was in each case the middle 
market closing price of the relevant Stock on. 12th July 1982 as 

certified by the Government Broker. 

In each case, the amount issued on 12th July 1982 represents a 
further tranche of the relevant Stock, ranking in all respects part 
passu with that Stock and subject to the terras and conditions of 
the prospectus for that Stock, save as to the particulars therein 
relating to Lhc amount of the issue, the price payable, the method 
of issue and the first interest .payment. Copies of the prospectuses 
for the Stocks listed above, dated 27th March 19S1, 9th January 1976, 
ISth March 1977. 5th August 1977. 16lh May 1974 and 2 1st April 1978 
respectively, may be obtained at the Bank of England, New Issues, 
Wailing Street. London EC4M. 9AA. 

Application has been made to the Council of The Stock Exchange 
for each further tranche of stock to be admitted to the Official List. 

The Stocks are repayable at par, and interest is payable half-yearly, 
on the dates shown below; 


Stock \ 

114 per cent Treasury Stock, 
1985 

13 per cent Treasury Stock, 
1990 

12J per cent Exchequer Stock, 
1992 

12J per cent Exchequer Stock, 

1994 

121 per cent Treasury Loan, 

1995 

12 per cent Exchequer Stock, 
1998 


Interest 

Redemption date payment dates 

15th July 1985 15th January 
15th July 

15th January 1990 " 15th January 
15th July. ■ 

25th August 1992 25th February 
25th August 

22nd August 1994 22nd February 
22nd Angus! 

15th November 1995 15th May 

15th November 

20th November 1998 20th May 

20th November 


Each further tranche of Stock issued on 12th July 1982 will rank for 
a full six months' interest on the next interest payment date applic- 
able to the relevant Stock which, in the case of the further tranches 
of Hi per cent Treasury Stock. 1985 and 13 per cent Treasury Stock, 
1990. will be 15th January 1983. 

BANK OF ENGLAND 

LONDON 

12th July 1982 


Barclays 
relaunches 
start loan 
scheme 

By Tim Dickson 


BARCLAYS BANK yesterday re- 
launched its Business Start 
Loan Scheme — one of the more 
innovative forms of finance for 
the new and smaller business. 

Earlier this year Barclays 
was forced temporarily to with- 
draw the scheme because of a 
tax change in the Budget. 

. In its new guise, the terms 
offered are less attractive than 
before. 

Unlike conventional bank 
loans interest payments on the 
Barclays Business Start Loans 
are made as a royalty linked to 
sales. In most cases this means 
that payments in the early years 
will be relatively small — when 
cash flow is under pressure — 
rising in later years' as the 
business becomes more estab- 
lished.- 

Under the terms of the 
original start loan scheme, 
introduced in 1980, these 
royalty payments in the hands 
of the bank were regarded as 
franked investment income 
under section 233 of the 1970 
Income and Corporation Taxes 
Act 

This income could be offset 
against the bank's own profits 
and therefore enabled the 
finance effectively to be pro- 
vided at lower interest rates. 

Some of the big banks, how- 
ever, were using section 233 for 
some of their other lending and 
in this year’s Budget the 
Government decided to close 
the loophole. In spite of some 
behind the scenes lobbying, 
Barclays was unable to persuade 
the authorities to exempt the 
Start Loan scheme. 

As a result the new terms 
will be less attractive than the 
old. The royalty charges will be 
designed to provide a return 
to Barclays of 17 per cent on 
the principal sum at the mid- 
point of the loan, compared 
with 12 per cent previously. 

In most other respects, how- 
ever, the terms are the same. 
The scheme is intended 
primarily to provide finance for 
the new business, though estab- 
lished businesses planning a 
new product or project also 
qualify. The relaunch has been 
extended to include sole traders 
and partnerships as well as 
limited companies. 

Loans of £5.000 to £100,000 
are available over three to five- 
year terms and no capital repay- 
ments are required until the 
end of the term. 

Up to 100 per cent of total 
expenditure for fixed .assets, 
research and development costs 
and anticipated losses in the 
first two years may be obtained. 
No security is required outside 
business assets. 

Mr Brian Pearse, a general 
manager of Barclays Bank, said 
he was disappointed that the 
1982 Finance BHi “ forced us to 
withdraw the Business Start 
Loans.” 

“ Potential borrowers may 
fail to meet our normal criteria 
for finance, particularly over 
gearing, but they will have 
acceptable growth prospects and 
sound management," he said. 

“ Our job is to recognise such 
talent and our Business 
Advisory Service team will work 
closely with prospective 
borrowers to help assess a pro- 
ject’s viability and the accuracy 
of financial projections.” 

• Loans from the Eur opea n 
Investment Bank (EIB) 
arranged through the Industrial 
and Commercial Finance Cor- 
poration (ICFC) can now be 
obtained for up to £2m com- 
pared with £50.000 previously. 

The increase in the maximum 
limit means loans can be 
extended to a larger number of 
companies, says ICFC. 

EIB loans are available at 
reduced rates in sterling— thinks 
to a government exchange risk 
euarantee. To qualify companies 
must be locared in the assisted 
areas and be either manufac- 
turers or engaged in tourism. 
Finance is available for up to 
50 per cent of new capital 
spending. 


BA co nfirms 7,000 more job cuts 


BY MICHAH. DONNE, AEROSPACE CORRESPONDENT 


BRITISH AIRWAYS yesterday 
confirmed that it intends to re- 
duce its workforce by a further 

7.000 from the present level of 

42.000 by March 31 next year. 

This follows redundancies of 

about 9,000 over the past year 
achieved through voluntary 
severance, and will mean 23,000 
staff have left Ihe airline over 
the past three years. 

Reports of the new staff cuts 
— which will again.be voluntary 
— have been circulating widely 
for several weeks. Mr Roy 
Watts, deputy chairman and 
group managing director, con- 
firmed them yesterday to avoid 
further speculation. 

Mr Watts said: "At to-day’s 
level of operations we calculate 
that this figure gives the level 
of costs we can afford, and 
makes us equal to. or better 
than, our major competitors. 

“We shall shortly be in a 
position to discuss our plans for 
achieving this aim” 

This is understood to mean 
that department managers have 
been asked to draw up details 
of the numbers they feel they 


can shed over the next nine 
months without damaging the 
day-to-day running of the air- 
line, and the rate at which this 
can be achieved. 

It will then be left to the 
department heads to achieve 
the cuts by natural wastage and 
voluntary redundancy. It is ex- 
pected the airline will offer, as 
previously, cash inducements to 
staff who wish to go. 

The 9.000 staff who have 
already Jeft die airline have 
been paid compensation of 
about £128m. This will be 
included in the accounts for the 
year to March 31 last. 

The additional 7,000 will 
probably be offered similar 
terms, so another bill for close 
to £100m is likely. It has not 
-been made clear whether this 
will be added to the 1981-82 
accounts, or left for 1982-83. 

BA has already deferred 
publication of its accounts for 
1981-82 to ensure as much of 
the redundancy payment as 
posable is included. 

The aim is to try to cover 
as much of the airline’s debt as 


possible, before, eventual 
privatisation of the airline, 
which is tentatively set for 
late 1983. 

Together with operational 
losses from the current weak- 
ness in world air travel, the 
losses incurred as a result of 
last year's air traffic controllers’ 
dispute and other industrial 
disruption, and high interest 
payments on new _ equipment, 
BA is estimated to have lost 
more than £3 00m in 1981-82. 

In 1980-81, the .airline had 
a post-tax loss of £145m. With 
the latest 7,000 redundancies, 
the overall losses over three 
years could amount to well over 
£500m. 

BA feels that for a passenger 
total or 16m to 17m a year, a 
staff of 35,000 is about right. 
Current promotional efforts are 
set oh improving staff produc- 
tivity . and pushing up the 
number of passengers. 

As part of these efforts BA is 
improving the quality of service 
for its 11m passengers a year 
carried on short-haul European 
services. 


Club Class passengers will be 
offered better quality if cals and 
improved seating. 

Mr Peter Hennon. managing 
director of the European Ser- 
vices Division, said yesterday 
that Club Class travel 
accounted for more than 40 per 
cent of the airline's total traffic 
in Europe, against 27 per cent a 
year ago. 

• British Caledonian Airways 
plans to cut the London-Zurlch 
air fare by 15 per cent from 
next spring. -: . • 

In seeking a licence to fly that 
route from Gatwick. the airline 
has told the Civil Aviation 
Authority that it intends, if 
awarded the route, to offer a 
special “ no strings attached 
fare which would .sell at 15 per 
cent below the normal Interna- 
tional Air Transport Association 

rate. 

Based on the existing IATA 
fare of £214 return, the new 
B.Cal fare would cost £182, 
The CAA begins a public hear- 
ing in London today into B.Cal‘s 
application for the route, and 
into a competing application 
from Dan-Air. 


Debt charges will hit council airport profits 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


REGIONAL AIRPORTS 
owned by local authorities in 
the UK are estimating a net 
surplus for the 1982-83 
financial year of only £119,113. 

The operating surplus is 
estimated at close to £20m 
bat heavy debt charges and 
contributions to capital out- 
lays for improvements to the 
23 airports reduce this figure 
substantially. 

These preliminary estimates 
of activity for 1982-83 are pre- 
pared by the Chartered 


Institute of Public Finance 
and Accountancy, through its 
airports working group, to 
help airport authorities 
formulate future policies. 

The' airports are planning 
farther capital outlays of over 
£50m during the year, in 
addition to the outlays of over 
£137m in progress at the 
beginning of the year. Most 
of this cash is being spent on 
improvemrots to runways, 
buildings and other faculties. 

Hie 23 airports include 


some of the biggest in the UK 
(outside those ran by the 
British Airports Authority), 
such as Manchester, Luton, 
Newcastle and Birmingham. 

Of the 23, 17 are forecasting 
net deficits for the year 
ahead, with in some cases 
operational surpluses being 
whittled away by heavy debt 
Charges and capital outlays. 

Hie forecasting net sur- 
pluses, however, include Man- 
chester, Luton. East Midlands 
and Newcastle. 


The CIPFA points out that 
a large proportion of (be local 
authority airports are now 
operating on a commercial 
basis in compliance with 
government policies, “ but 
some of the smaller airports 
of necessity still operate on 
the basis of providing a local 
amenity to business and other 
Interests.” 

The airports collectively 
arc expecting to handle over 
12.6m passengers in 1982-83, 


Information systems training 
centre opened in Bristol 


BY ROBIN REEYES 

THE FIRST of the Government’s 
information technology training 
centres in the West Country was 
opened in Bristol yesterday by 
Mr David Young, chairman of 
the Manpower Services Commis- 
sion. 

The centre is to provide up 
to two years’ • training in in- 
formation technologies for up to 
30 unemployed young people at 
a time. It is being sponsored by 
the recently established New 
Work Trust Company. 

The trust was set up last year 
by a~ broad range of public and 
private sector bodies to promote 
local economic development and 
permanent job opportunities in 
the eastern and Kingswood areas 
of the city. 

Commending the trust on its 
initiative, MrJYouog.said that 
over 100 such centres had now 
been approved bjMSC but the 
scale of need was such that they 
could do with 10 times the 
throughput so far planned. 

The Bristol centre will pro- 
vide training in computing busi- 
ness administration, electronic 
maintenance and the application 
and operation of high technology 
facilities. 

It will also aim to provide 
local industry and commerce 
with a broad range of business 


services. Young people attending 
the • course receive a training 
allowance of £25.00 a week. 

The Department of Industry 
and the MSC have agreed to 
meet some 80 per cent of the 
cost for 12 months. The trust 
is, currently negotiating with 
Brussels to tzy to secure 
' financial aid for a second year 
from the EEC’s social fund. 

• In Wales a scheme to train 
30 young unemployed people for 
careers in modern . micro- 
computer technology is to open 
at Metal Box’s Neath site in 
September. 

The scheme is one of two 
information technology centres 
announced recently by Mr 
Nicholas Edwards, Secretary’ of 
State for Wales. The other is to 
be in Cardiff. 

Both enterprises are toe 
result of joint initiatives under- 
taken by the Department of 
Industry and the manpower 
services commission. 

The Neath centre was pro- 
posed by the Neath Development 
Partnership and is jointly 
sponsored by Metal Box PLC 
and Neath Borough Counci], 
with educational, adm ini strative 
and technical support from the 
West Glamorgan Institute of 
Higher Education. 


The annual intake of ' 30 
youngsters will be trained com- 
prehensively in mioro-computer 
programming, tele-text editing, 
word processing, microcomputer 
and microprocessor • main- 
tenance, digital techniques, con- 
trol systems, -etc. 

In addition the centre is 
designed to be involved in the 
development and production of 
new technology products on a 
commercial basis. This Will add 
a further dimension to the 
principal purpose of the centre, 
which is to give young people 
experience of a range ' of 

adaptable skills capable of 

developing their potential and 

improving their prospects of 

finding permanent employment 
in an expanding industry. 

The centre will also meet a 
much needed local need as an 
advisory and training facility 
for local industrial and com- 
mercial organisations which are 
interested in researching and 
developing or exploring the use 
of new computer-based tech- 
nology. 

Further infonnation can. be 
obtained fro m Mr Emlyn' 
Williams, ITEC Centre, Neath. 
(Neath' 4141 ext 176) or from 
Neath Careers.’ ' Information 
Office (Neath 56391). 


5% drop 
in demand 
for credit 

By David Churchill* 

Consumer Affaire Correspondent 

CONSUMER demand for credit 
facilities was 5 per cent lower 
in June than in the same month 
last year, according to figures 
published yesterday by the 
United Association for the Pro- 
tection of Trade. _ ‘ 

However, the association, the 
largest credit reference agency 
in the UK, points out that this 
fail was due to the underlying 
lack of confidence by consumers 
rather than -any trend away from 
using credit. • ~ 

“ It seems that the same 
people who r stiff upper4lpped ' 
their way to work were also de- 
termined .not to • have their 
credit purchasing patterns dis- 
rupted," the association said. 

Credit card companies, did 
slightly better than the national 
average for all credit applica- 
tions and finance houses and 
clearing banks appeared to do 
even better.. 

“High Street retailers seem 
to have done particularly well. 
We estimate they were 15 per 
cent up oa new. applications for 
credit compared to the previous 
mono,” said Mr. Brian Bailey, 
the association’s ■ . director 
general- 


Museum pays £500,000 for clock 


THE spring-clock which • runs 
for a year, made for William’IH 
by Britain's greatest horologist, 
Thomas Tompion, has been sold 
by private treaty. The British 
Museum paid £500.000 net for it 
to Lord Mostyn. the vendor. It 
was to have been auctioned at 
Christie’s tomorrow. 

Christie’s said that initial 
reactions from the museum 
were not encouraging it was 
decided, therefore, to proceed 
with sale by auction. As a 
result of recent talks between 
Christie’s, acting for ' Lord 
Mostyn, and the museum, an 


acceptable price was agreed. 
The price is a. record for any 
clock ever sold. 

Made between 1695 and 1700 
the clock is, .Christie’s said, 
without question Tompion’s 
masterpiece and arguably the 
finest spring-dock ever made. 
In extremely good condition, it 
■retains aU the original working 
parts. 

The dock is enclosed in a 
case of ebony veneered on oak 
and mounted with ormolu and 
silver by the best craftsmen of 
his day. probably to a design 
by Daniel Maret, William and 
Mary’s all-purpose designer. 


On top of foe dock is a figure 
of Britannia, holding a spear 
and a shield on which is the 
Union Flag. The front bears 
the coat of aims of William HL 

The “ Mostyn Tbmpion,” as it 
is known, came into the Mostyn 
family through' Henry Sydney, 
Earl of, -Romney. He was 
Gentleman of the Bedchamber 
and Groom of. the Stole at the 
time of William Hi's death in 
1702. It was a -typical case of 
a member of the Royal House- 
hold receiving a perquisite In 
lieu of salary,. 'a common 
practice of the day. , - 


. Thomas Tbmpion (1639-1713) 
was born at Northill, Beds, and 
came to the notice of Charles H 
in the 1670s -from which time 
he held an unrivalled position 
in English horology. In 1703 He 
was Master of the Clockmakers. 
On his death, aged 74, he 'was 
buried in Westminster Abbey. 

_ The. Tompion will remain on 
view at . Christie’s until 
Thursday. ... 

Lord Mostyn ’said: _ I . am 
delighted that after nearly 200 
years in my family the Tompion 
has been secured for the 
nation." ' - 


Machine 

tool group 
focus on 
technology 

Financial Times Reporter 

JOHN BROWN’S rationalisation 
of its troubled machine tool 
operations over the past IS 
months has been focused on 
new technology and the growth 
sectors in the market, said Mr 
Bob Trojan, chief executive of 
John Brown Machine Tools in 
the UK in Coventry yesterday. 

In Britain. John Brown's 
machine toot interests are: 
Wickman Automatic Lathes. 
Wickman Automated Assembly . 
and Webster and Bennett, in 
Coventry: and Kitchen walker 
at Halifax. A loss of about £4ra 
by the machine tool division in 
the year to March 1982 has 
already been forecast by John 
Brown. 

As a result of product and 
plant rationalisation, the 
machine tools division in ' 
Britain will concentrate its 
manufacturing on: multi-spindle 
automatics ' and grinders at 
Wickmatu Automatic Lathes; 
vertical turning machines at 
Webster and Bennett; and auto- 
mation and assembly products 
at Wickman Automated 
Assembly. 

Giving first details of the 
rationalisation programme, Mr 
Trojan said: "We have reacted 
to the rapidly changing techno, 
logy in machine tools and » 
focused our future on the 
growth sectors. 

“We have responded to the 
changing needs of manufactur- 
ing industry. For example, our 
latest multi-spindle automatic is 
capable of faster machinery 
cycles and faster changeover 
times because the automotive 
industry— the major user of this 
type of machine tool— needs l 
higher productivity to produce 
an increasing number of smaller J 
batches of components." ■ 

He revealed that the first 
examples of recent produrt 
development procrommes will 
appear at the Chicago. machine 
tool exhibition in September. 

These include: a range of 
integrated work handling units • 
and a programmable robot from 
Wickman 'Automated Assembly; t 
a new one-inch Wickman multi- , 
spindle automatic; a Webster 
and Bennett Series S vertical 
turning and boring machine 
with automatic component in- 
spection and tool setting: and 
a new Webster and Bennett 
pallet loading system. 

“In our plan to return the 
division to profitability in the 
UK we have not cut back on 
our investmenf . in product 
development. That is essential 
to our future,” said Mr Trojan. 

The four major action areas 
in the rationalisation pro- 
gramme had been cost control, 
increased production volume, 
sales and sen-ice programmes, 
and product development. 

Rationalisation of products, 
combined with the need to im- . 
prove productivity and the ratio 
of indirect employees to direct 
employees, had meant redund- 
ancies, said Mr Trojan. Em- 
ployees total 1,100. compared 
with double that number early 
last year, and the total on the 
four sites in the UK would be 
under L000 by the end of this 
year. 

Otber areas of cost reduction 
have included: a major pro- 
gramme to reduce inventories; 
a changeover to a smaller com- 
puter support system In line 
with the reorganisation; and a 
new total quality assurance pro- 
gramme involving all em- 
ployees. “ The quality of pro- 
ducts as delivered and accepted 
by customers is vital for the 
future of the organisation.” 

As a result of close co-opera- 
tion with the trade unions, said 
Mr Trojan, the workforce had 
accepted a considerable degree 
of flexibility in work effort 
which- was making a significant 
contribution to reducing costs, 

A search throughout the world 
for orders by the UK part of the 
machine tools division has led 
to . contracts for grinders for 
Brown. & Sharp, components 
for Bone Cravens and Daniels 
Engineering, and turbine gear 
boxes for. Ruston. Other con- 
tracts being discussed include 
two spindle machine systems for 
Olofsson, .the U.S. machine tool 
maker acquired by John Brown 
at" the start of .this- year. 


Ray Maughan reports on comparisons between U:S. and British methods 

Keep receivership process flexible, says Bank adviser 


TWO of the dominant themes 
of the Financial Times con- 
ference Business Reorganisa- 
tion, A ’ Balancing of Interests, 
were the recently .published 
Cork Report and the ‘U.S. 
experience of “ Chapter 11 
Bankruptcy.” 

The conference was opened 
by Lord Benson, an adviser to 
the Governor of the Bank- of 
England and president of the 
Institute of Chartered Accoun- 
tants in England and Wales in 
1966. 

He stressed that ** the record 
of receiverships in this country 
is a good one.* Nothing should 
be done which will impair the 
present flexibility of the 
receivership process or prevent 
quick decisions being made. 

“ This will happen if the 
process is linked too closely 
with applications to the court” 

He felt -that the banks had 
served industry well, tbougi it 
could be daiined that they had 
been over-generous in the facili- 
ties granted. 

'* Their experiences in recent 


years may cause them to 
examine with greater care in 
future the purpose for which 
money Is borrowed and the 
quality of management and 
financial administration, of the 
business to which their funds 
are entrusted and to tighten 
their follow-up procedures. 

He did not suggest that the 
banks should in any way take 
part in management themselves, 
'either by sitting on the boards 
of their customers or appointing 
representatives to do so on 
thsir behalf. 

Lord Benson made a print 
which many subsequent 
speakers picked up m the course 
of the conference — “ a good 
many companies or groups in 
my opinion have too many 
banks.” 

He felt that the wish of 
finance directors to obtain mar-- 
ghiatiy - better interest terms 
soon led to a multiplicity of 
arrangements which “ when the 
going gets tough makes life 
immeasurably more difficult and 
sometimes impossible by these 


needlessly complex arrange- 
ments.” 

By coincidence the two com-, 
panies used to illustrate toe 
reorganisation process' on both 
sides of the Atlantic, " Stones 
Platt Industries and Inforex, 
the UB. computer data group, 
both had 13 banks at the time 
of reorganisation. 

Both Mr Leslie Pincott, chair- 
man of Stone-Pi att, and Mr- 
GeraW E. Jones, formerly of 
Iforex, felt that the -number 
was far too high. 

Mr Jones believed that 
Inforex was one of the few U.S. 
companies to reorganise sue- ■ 
cessfuily, having filed for pro- 
tection under Chapter 11 of the 
US. Federal Bankruptcy Code.. 

"Against all the odds, only a. 
very few companies survive . a 
Chapter 11 ” he s aitL and -added 
that- this was probably because 
many should not have filed for 
such protection in the first 
place. 

But Chapter 11 had its sup- 
porters among uk speakers. 


FINANCIAL TIMES 


BUSINESS 

REORGANISATION 


CONFERENCE 


Mr Tony Rudd, former, stock- 
broker and head of the financial 
services group Row RUdd,. said 
that British industry shOuTd 
adopt the principle even if 
" there is doubtless a British 
way of doing this." 

He said that many propie 
felt that the management which 
had got a company Into a 
Chapter 11 situation should not' 
be allowed to continue. But •‘if 
you -fired a general every ‘time' 
he was in an unsuccessful 
action, you wouldn’t have any 
left 

» " Moreover even under toe 
Chapter 11 arrangement the. 
management ’ often- have to 


make change's 1 in order to con- 
vince. the court : and..- -foe 
creditors, who after: ill have to- 
agree these changes, ..of the 
viability of their future/’ 

Mr Pincott, too, believed that 
Chapter 11 would possibly offer, 
a better alternative, than the . 
present system. Other options 
included a Government-backed 
reconstruction corporation 

which would act through the 
City’s institutions to.- obtain 
better banking facilities -flhah a 
receiver could obtain. 

He maintained that bur ^out- 
dated laws need, i&angjlng, for 
the law is particularly rough on ' 
unsecured creditors.”,.' ' : : 

Kenneth Cork reminded . 
a professional audience,- com- 
posed largely ‘- of insolvency 
specialists in the “Big E&rt” 
-.accountancy firms, ’ that • tie 
theme of his report was'" t&ata 2 
®nrines As an essential asset 
nf the' country. . if it can . her 
saved, save it" - 

He spoke of the difficulty of 
keeping up. to 13 banks in Hue, 


particularly, if there was 
floating . charge, during 
reorganisation, -which was v 
wa committee had come up w 
the idea of an administrator 

The -concept of the recei’ 
w®s right, in that he' would 
able to. come In quickly, gi 
foe reins and hoid the comps 
together. But Sir Ream 
wondered: . “Whom is I 
receiver responsible, to ? 1$ 
-.foe entire company Or just I 
. debenture holders ? ” 

**T hope to God we don't j 
* Chapter 1JL procedure. T 
idea of keeping the existi 
.management In place is ji 
buying-time without putting I 
company right 
• * needs an in depend* 

. intettigent person to come 
and take over from the directc 
.who got foe company into t 
■ mess' in the Cist place. 

. “An administrator is one 
-foe b eat me foodsrof • saving bu 
nesses. This was what w 
; really wanted in foe old Rol 
^Royce." . 



7 




Financial Times Tuesday July . 13 . 1982 


UK NEWS 


writ raises 


oyer 


BY ME CAMERON / 

THE ROW over g overn ment tax 
concession On . petrochemical 
raw materials has raised, doubts 
over the restructuring deal 
announced- last month by BP. 
Chemicals. . and Imperial 
Chemical Industries; 

Last Thursday Id issued - a V 
High Court writ against die 1 
Government. I Cl claims that 
the tax concessions ministers- 
are planning to give to Shell, 
Esso and British Petroleum are 
subsidies — and therefore in 
breach of the Treaty of Rome. - 

The' move ' could ' jeopardise 
the agreement; on plastics that 
has jfist been worked out by BP 
and ICI. The deal, due to be- 
completed later this ■ summer, 
involves BP- swapping its PVC 
plastics business Tor ICI’s UK- 
low density ' polyethylene 
plastics operations. It win mean 
Che closure of seven plants- -and 
the Joss of 1,800 jobs. - 

However, ICI has now effec- 
tively declared war bn BP — ; 
and on Shell andlSsso— over the 
Government’s proposed tax con- 
cessions. If ICI wins its. -legal 
case. BP will not be able to. 
obtain ethane gas petrochemi- 
cal feedstock ' for its Grange- 
mouth complex in Scotland as 
cheaply as it- had hoped. 

This could have, a significant 


impact on the profitability of 
the- site. , It could also cause 
BP to reconsider its plans under 
the' swap deal . to let ICI have 
a further 30 per cent share in 
the. giant petrochemical plant 
at- Wilton. "on Teesside. : Up to 
now the two companies have 
owned the plant — one of 'the 
most modem In Europe — on 
-a 50/50 basis* - - • 

..ICI says .it sees ’’no reason, 
wtiy ■ the fight over tax conces- 
sions tor its competitors should 
stop the swap deal going -abead r 
‘ However, BP, which plans to 
spend £30m modifying its 
: Grangemouth plant to take 
ethane gas feedstock, refuses 
-to comment oii the future- of 
the deal. It only- says: that it 
will be looking at the possible 
implications which the dispute 
over tax concessions might have 
for the restructuring agreement 
• The crucial clause 229 of 
.the Finance Bill — giving .the 
controversial tax concessions on 
petrochemical raw materials to 
Shell, Esso and BP — is expected 
to. be debated on the floor of 
the "House of Commons today. 
It is thought that an amendment 
was being tabled by Opposition 
MPs calling for the complete 
withdrawal of' the clause. 


Public works ‘bribe given’ 


TWO ELECTRICAL contractors 
were accused -at Ihe Old Bailey . 
yesterday of' giving a £100 
bribe to a civil servant in return 
for the allocation of work on 
public buildings. : ; 

Mr John Kass and his son. 
Mr Stephen Kassi both pleaded 
not guilty to a chaise of 
corruption. 

The two men are alleged to 
have paid the money to a pro- 
cessional and. technical officer 
In the Property Services 
Agency, as an encouragement 
or reward for work on buildings 
In Kensington, London. Both 
men. are directors of Express 
Power Light Installation, of 
Brecknock Road, TufneU Park, 
London. 

Mr James Robbins, prosecut- 
ing, said the charge was a 
sample, and the two men were 
alleged to have paid %e civil 
servant, - Mr J -Gaiy -Harrison. 


three sums of £100 late in 1970 
and early in 19S0. They had 
also supplied him. with a gas 
cooker. 

Mr Robbins said Mr Harrison 
was responsible for public build- 
ings in. Kensington, and bad 
authority to award contracts for 
their maintenance - and repair. 
The case against Mr Harrison 
had- already been disposed of, 
he told the juryi; 

. The two men paid bribes to 
Mr Harrison as an encourage- 
ment for the future, or as a 
reward , tor past favours, in. 
relation to the allocation of 
government work to their com- 
pany, said Mr Robbins. 

Mr Keith Evans, defending, 
said it was admitted that they 
paid the money to Mr Harrison 
and gave him the cooker. 

The trial was. adjourned until 
todays ' • 


Ray Dafifer explains the appointment by the Gas Corporation of a controller of efficiency studies 

The man who will read British Gas’s own meter 


BRITISH GAS Corporation, 
which consider? itself under 
attack from many quarters— but 
principally ' from the "Govern- 
ment— has appointed a new 
chief of .defence staff. 

He .is- Peter. Walsh, a char- 
tered accountant who, perhaps 
appropriately, once served with 
the Army Pay Corps and spent 
some time auditing regimental 
funds in Germany. His new 
task is that of British Gas con- 
troller of efficiency studies, a 
position in which he hopes to 
demonstrate the corporation’s 
determination to become more 
efficient . 

Not that British Gas would 
concede it is inefficient, what- 
ever may be said or hinted by 
ministers disenchanted by the 
performance, of state industries. 

“ It is a pity there is this 
-feeling In the Government, be- 
cause no one is more anxious to 
serve our customers and the 
nation efficiently,"” said Mr Bill 
Jewers. managing director for 
finance. “ But you are not going 
to get the best performance 
from people who are constantly 
denigrated and attacked.” 

Mr Walsh’s appointment is a 
new one for the corporation.. He 


and his smaH team will have to 
demonstrate their own efficiency 
if the. unit is to be maintained. 
Mr Walsh reckons the exercise 
will cost aboirt : £200,0QQ a year. 

■ " If we cannot save more than 
,£200.000 a year, then this exer- 
cise is a dead duck,” commented 
Mr Jewers. " To spend a pound 
to save a pound is not produc- 
tive" ' 

It could be argued that British 
Gas might save a good deal more 
if . it were to appoint outside 
consultants, uncommitted ad- 
visers free of the spirit of the 
gas industry which seems, to 
.permeate every . pore of the 
corporation’s staff. Peter Walsh 
disagrees. “ We know where to 
look," he said. 

“We will be comparing how 
things are done in different 
regions. 1 ’ he went on. “We do 
find different practices — such as 
in engineering, customer ser- 
vices, finance and customer 
accounts — -for geographical or 
historical reasons.” 

Mr Walsh, formerly the cor- 
poration's controller of audit 
and investigations, recognises 
he has a vast arena in which to 
work. The corporation, he says, 
is unique in the scope of its 
operations. 


Results of the past financial 
year are to be published in a 
few weeks, but the accounts for 
1980-81 show that British Gas 
employed 120,000 staff {includ- 
ing contractors) to serve 15.5m 
customers. The current-cost 
operating profit was £3Sl.lm, on 
a turnover of £4.3bn. 

In the five- years 1976-77— 
1980-81. -turnover rose by 117.5 
per cent, while the corporation’s 
operating costs - increased by 
122.8 per cent. However, the 
rise in operating costs was 
heavily influenced by the quan- 
tum, leap in the corporation’s 
bill for North Sea gas— from 
£2 85m in 1976-77 to £L3bn in 
1980-81. 

Mr Walsh pointed out that 
British Gas had substantially 
improved its efficiency already. 
The last annual report showed 
that during the same five-year 
span, the ratio of net assets per 
direct employee had risen from 
£59,600 to £89,800; that the 
number, of therms sold per 
employee had increased from 
137,400 to J.54,700; and that the 
number of customers per em- 
ployee {direct and contracted) 
had risen from 119 to 128. 

• Even so, there bas clearly 


Mr Bill Jewers: self-critical. 

been long-standing concern in 
Westminster about the efficiency 
and practices of the Gas Cor- 
poration, as denoted by the 
number of official inquiries 
mounted in recent years. 

A working group of the 
National Gas Consumers’ Council 


conducted its own investigation 
of the corporation’s installation 
and service business, and con- 
cluded six months ago: 

“On the whole British Gas 
can be seen to be a highly 
efficient well organised indus- 
try. Nevertheless ... we still 
seek improvements in the service 
provided. What can be said is 
that there are too many con- 
sumer complaints that turn into 
sagas." 

Early last year British Gas 
agreed with Mr David Howell, 
then, the Energy Secretary, 
that it should strive to reduce 
its net operating costs — exclud- 
ing gas purchases — by 5 per 
cent over the two years to end 
next spring. It is understood 
that, so far, the corporation 
has had a tough time meeting 
tins target, given the unex- 
pected decline in gas sales. 

According to the Energy 
Department, gas supplies in the 
January-May period were 1 per 
cent less than those in the 
corresponding five months of 
1981. Last year, gas sales were 
almost 3-2 per cent down on 
that of 1979. 

Like other state industries, 
British Gas has to hit other 


targets set by the Government 
— in the corporation's case: 

• A financial goal of a 3.5 per 
cent return, based on a current- 
cost operating profit against 
average current cost net assets: 

# An external cash limit 
■which, in 1982-83, should 
involve a net repayment to the 
Exchequer of £S3m. 

In addition, the corporation 
sets targets and guidelines for 
itself and regional - boards, 
involving such criteria as 
capital employed, cash flow, 
net trading costs and opera- 
tional performance ratios. 
Executive drawers are 
crammed with gas industry 
statistics. 

All this makes fertile pasture 
for Mr Peter Walsh and his 
seven-strong efficiency studies 
team. Working “with a clean 
sheet," he will report once a 
quarter to an audit committee 
of three part-time board 
members. 

Mr Jewers said: "We have 
to be self-critical all the time. 
The internal mechanism in this 
sphere, when properly done, 
can be much more effective 
than outside directives. I hope 
the very existence of the team 
will put people on their toes.” 


Cubans challenge $4m award 


•Br RAYMOND HUGHES, LAW COURTS CORRESPONDENT 


A LONG-RUNNING commercial 
dispute arising out of the over- 
throw in September. 1973,; of 
the Government of Dr Allehde 
in Chile surfaced in the Court 
of Appeal yesterday. . 

Empresa Exportadora De 
Azucar . (Cubazucar), a Cuban 
state - trading enterprise, 
appealed against ah award 
totalling nearly $4m - (£2.Sm) 
in favour of a Chilean company, 
Industria Azucarera Nacional 
(Iansa) over Cubazucaris failure 
to . .fulfil a contract for the 
delivery of sugar. 

- Cubazucar said that no award 
should have been made against 
it by the arbitration committee 
of the Council of the Sugar 
Association of London, whose 
award was substantially upheld 
by the Commercial Court 

In a cross-appeal, Iansa 
sought to quintuple the- award 
on the basis of the market price 
for sugar at the relevant time. 

Mr Aqthony Hallgarten, QC. 
for Cubazucar. told the court 
that the whole case was unreal 
because, although the conduct 
of the parties was being placed 
in a legal framework, the case 


was in fact entirely involved 
with political decisions. 

Cubazucar bad been found to 
have - taken part in conduct 
which, without the political con- 
text of the case, might render 
it a “commercial pariah" in 
the trading world. 

Mr Hallgarten said that Chile 
under Dr AUende had been the 
only South American country 
that traded with Cuba. 

In February. 3973 Cubazucar 
contracted to sell Iansa 128,395 
tonnes of sugar, part for $176 
per tonne and part for $190 ner 
tonne. 

When the right-wing coup 
occurred on September 11, 1973, 
79,756 tonnes had been de- 
livered. Two more shipments 
were on their way, one in a 
Cuban vessel the Playa Larga 
and the other in a Somali ves- 
sel. the Marble Islands. 

The Cuban Government re- 
called the vessels after the 
coup. 

Iansa invokd the arbitration 
clause In the contract, claiming 
damages for breach of contract 
or for wrongful conduct depriv- 
it of the cargoes. 

The arbitrators awarded 


Iansa $1.89m in respect of the 
Playa Larga and $2.6m in res- 
pect of the Marble Islands. Mr 
Justice Mustill in the Commer- 
cial- Court reduced the latter 
award to $2.1m. 

Mr Hallgarten said that 
Iansa’s cross-appeal was based 
on a contention that it was 
entitled to recover at the 
highest market price. 

There had been an extraordi- 
nary explosion in the price of 
sugar. On September 11. 1973, 
it had been $211 per tonne; in 
October. 1974, $840 per tonne 
and it had reached a peak of 
$1,501 per tonne. 

He said that the manner of 
the coup and the political com- 
plexion of the junta that took 
control had evoked a violent 
reaction by Cuba, which still 
denied the legitimacy of the 
regime. 

It was for that reason that 
Cubazucar contended that the 
arbitration award involved find- 
ings of liability arising in con- 
nection with the acts of a 
foreign sovereign state in res- 
pect of which there was a legal 
immunity. 

The hearing continues today. 


Housing plans 
‘threaten view 
of cathedral’ 

THE SETTING of Beverley 
Minster. Humberside, one of 
Europe’s finest Gothic 
cathedrals, is seriously threa- 
tened by bousing development 
plans, it was said in the High 
Court yesterday. 

A scheme for developing land 
next to the minster could per- 
manently block views of the 
cathedral’s southern aspect, its 
most oatstanding feature, Mr 
Justice Glidewell was told. 

Three Beverley ratepayers, 
all university lecturers, are ask- 
ing the court to quash a deci- 
sion of Eeverley Borough Coun- 
cil. granting planning permis- 
sion to St. Andrew Street hous- 
ing co-operative. 

Mr Bernard Marder, QC. for 
the ratepayers, said that if 
houses were built on the land 
the effect would be considerably 
to reduce the area from which a 
full view of the southern face 
of the minster was possible. 

When the Royal Fine Arts 
Commission learned of details 
of the plans its reaction was 
one of “shock and horror,” said 
Mr Marder. 

The hearing continues. 


Hellenic Lines switches to 
Felixstowe from Tilbury 

BY ANDREW FISHER, SHIPPING CORRESPONDENT 


HELLENIC LINES, the Greek- 
flag liner-shipping company, has 
dropped the Thames port of 
Tilbury from its UK operation. 
It will concentrate its service 
on Felixstowe, Suffolk, the 
growing east-cnast port. 

Yesterday, the company 
signed a 12-month contract with 
Felixstowe port, which is hH 
by an overtime ban. It cited 
price advantages and guaran- 
tees on berthing priorities and 
productivity as reasons for its 
choice. 

Felixstowe, part of European 
Ferries, has been expanding 
rapidly and gaining much busi- 
ness at the expense of other 
UK ports. The overtime ban, 
sparked off by a wage claim 
by dockers, began last week. 

Hellenic is based in the 
Greek port of Piraeus and has 
an office in New York. It is 
nearing the end of a -5320m 
(£187m) expiation plan aimed 
at boosting its strength on con- 
tainer shipping routes. 

It has used Felixstowe for 
container services to the Middle 


East. India and Pakistan for 
more than a year. Its links 
with the Joss-making Port of 
London Authority, which runs 
Tilbury, go back to the mid- 
1930s. 

Since 1979 Tilbury has 
handled Hellenic's Mediter- 
ranean service as the company 
moved from a conventional to 
a fully containerised operation. 

Mr" Neil McLean, assistant 
general manager for Hellenic, 
said the switching of al] opera- 
tions to Felixstowe meant it 
could benefit from more flexible 
port timing and a cut in vessel 
voyage-time of five hours a trip. 

’Two Hellenic ships have been 
delayed at Felixstowe over the 
past weekend because of tbe 
overtime ban. Dockers' repre- 
sentatives are due to meet again 
tomorrow on their claim. 
Helelnic said it was unlucky 
that the ban coincided with the 
signing of the agreement. 

The company said it needed 
to rationalise its UK port opera- 
tions because of its rapid 
growth. 


Informania: The Problem. The Cure. 


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8 


Financial lliaes.^iesdaj July 13: 1982 


UK NEWS - PARLIAMENT and POLTIIGS 


Interest rate cut for councils likely 


BY IVOR OWEN 

INTEREST RATES paid by- 
local authorities are expected 
to fall by one quarter of 1 per 
cent as a result of the new 
facility which will enable them 
to borrow from the National 
Loans Fund (NLP) Mr 
Jock Bruce-Gardyne, Economics 
Secretary for the Treasury, 
told the Commons last night 

While forecasting a “ sub- 
stantial switch to the NLF he 
made it dear that the Govern- 
ment expects commercial banks 
to continue to play a major 
role in providing the finance 
needed by council treasurers. 

In inviting MPs to add a new 
dause to the Finance Bill, 
approved without a division, 
authorising the NLF to lend to 
local authorities Mr Bruce- 
Gardyne estimated the current 
scale of local authority borrow- 
ing at £lObn. 

He insisted that there was no 
question of the NLF lending at 
subsidised rates and explained 
that the quarter of 1 per cent 
reduction in interest rates was 
the probable outcome as the 
banks cut their margins in face 
of the new source of competi- 
tion. 

The consequential saving to 
local authorities in interest 
payments would be in the 
region of £20m. 

Mr Bruce-Gardyne was closely 
questioned from both sides of 
the House about the effect of 
a further new clause, approved 
by 278 votes to 218 authorising 
the Treasury to borrow on an 
open-ended basis for the pur- 
pose of M promoting sound 
monetary conditions in the 
UK." 

Mr Peter Shore, Labour’s 
“ shadow" Chancellor, claimed 
that the dause would have a 
major impact upon the Govern- 
ment’s whole monetary strategy 



Jock 


Bruce-Gardyne (left): closely questioned by 
Peter Shore (right): critic of the Chancellor. 


MPs. 


and criticised Sir Geoffrey 
Howe, the Chancellor of the 
Exchequer, for not presenting 
it to the House himself. 

He contended that behind the 
introduction of the dause lay 
a major conflict between two 
key objectives in the Govern- 
ment’s monetary policy — the 
effort to reduce the growth in 
the monetary aggregates while 
at the same time reducing the 
public sector borrowing require- 
ment 

Mr Shore stressed that the 
new dause would permit the 
Government to borrow more 
than existing powers allowed. 

He also emphasised that no 
attempt was made In the dause 
to define the proviso “for the 
purpose of promoting sound 
monetary conditions In the UK" 

Mr Shore described it as a 


“ quite remarkable extension of 
Treasury power without any 
limit written into the clause 
itself." 

He maintained that as the 
Government had argued that 
higher borrowing must lead to 
higher interest rates the imple- 
mentation of the clause must 
have the same effect 

Mr Terence Higgins (Con, 
Worthing) a former Treasury 
Minister and a leading member 
of the Commons Select Commit- 
tee on the Treasury, also called 
for clarification of the clause. 

He questioned whether it 
would have a cosmetic effect on 
M3 or on the monetary statistics, 
perhaps to the extent of reduc- 
ing them “quite significantly.” 

Mr Joel Barnett (Lab, 
Hayward and Royton). chair- 
man of the Commons Public 


Accounts Committee and Chief 
Secretary to the Treasury in 
the last Labour Government, 
declared that the powers con- 
tained in the clause were too 
great to give to any government 

He saw a danger not just of 
a cosmetic operation on the 
monetary aggregates but of an 
attempt to “ fiddle ” the market 
view on Interest rates. 

Mr Barnett said that the Gov- 
ernment would be able to 
borrow money to manipulate the 
monetary aggregates and 
cosmetically 'make it look that 
M3 was not rising to the extent 
that would be “ bad " because 
of the effect an inflation. 

Taking up this theme. Mr 
Robert Sheldon (Lab., Ashton- 
under-Lyme), who made the 
final speech from the Opposition 
front bench, accused the 
Government of seeking to con- 
ceal the growth in the money 
supply In the run-up to the next 
general election. 

He took the view that the 
exchange rate, which had been 
“ incredibly stable " bad now 
become the main determinant 
of the Government’s economic 
policy. 

Mr Bruce-Gardyne insisted 
that there was no question of 
the Government indulging in 
cosmetic operations on the 
money supply figures. 

He pointed out that there had 
been a considerable surge in 
bank lending and that in order 
to counteract It had been con- 
sidered essential to “-over 
fund ” in order to prevent 
excessive growth in the broad 
monetary aggregates. 

Mr Bruce Gardyne assured 
the House that the whole pur- 
pose of the Government was to 
“ move savings held by the 
public oat of money into long- 
tezm assets" 



;-*??? Commons Sketch 


Industrialists press case for devaluation 


BY ROBIN PAULEY 

THE CONFEDERATION of 
British Industry yesterday 
called for a sterling devaluation 
and a cut in interest rates to 
help restore the competitiveness 
of British industry. 

Mr Brian Rigby, deputy 
director general of the CBI, told 
the all-party Commons Treasury 
and Civil Service Select Com- 
mittee that sterling was too 
high in relation to virtually all 
currencies except possibly the 
dollar. It was particularly high 
against currencies of the Euro- 
pean Monetary System (EMS). 

He urged both a cut in 


interest rates, which he 
described as “ astronomically 
high ” and a modest deprecia- 
tion of sterling which, he said, 
would not conflict with the 
object of reducing inflation. The 
risks of importing inflation were 
currently less than normal. 

Sir Donald MacDougaLL chief 
economic adviser to the CBL 
told the committee that British 
competitiveness had fallen by 
35 per cent since 19711. 

He refused to be drawn about 
a suitable level of devaluation 
but said that to regain the 1975 
competitiveness a sterling de- 
valuation of “several per cent" 
would be regained over the next 


few years, even assuming that 
the Government responded to 
CJBI pleas for abolition of the 
National Insurance surcharge, 
introduced some business derat- 
ing and that labour costs could 
be kept stable (rather than con- 
tinuing to increase at their cur- 
rent rate of 3 per cent). 

The way to effect the devalu- 
ation might be a combination of 
lowering interest rates, and 
some intervention even within 
the present limits on money sup- 
ply. “We would not be alto- 
gether dismayed if money sup- 
ply targets were exceeded," he 
added. 

The CBI has estimated that 


for a 10 per cent change in the 
exchange rate profits could be 
improved by about £2bn a year 
at 1981 prices for industrial and 
commercial companies (exclud- 
ing North Sea oil) after about 
one year. That compares with 
total profits, on this measure, 
of £17.3bn In 1981. The figures 
are for profits net of stock ap- 
preciation before deducting 
capital consumption, taxes or 
interest payments. 

The CBI also estimates that a 
1 per cent change in the effec- 
tive exchange rate would affect 
the retail price index by at 
most 0.2 per cent after about 
two years. 


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Black Monday for 



Peter Tatchell: use of extra- 
parliamentary pressure 

Try again 
chance for 
Tatchell 


By Elinor Goodman, 

Lobby Correspondent 

PETER TATCHELL, the man 
the Labour Party leader, Mr 
Michael Foot, staked his 
authority on barring, now seems 
almost certain to stand as a 
party candidate at the next 
' general election. 

Labour's organisation com- 
mittee agreed yesterday, with 
Mr Foot’s support, that the 
Bermondsey Constituency 
Labour Party should be asked 
to hold another selection con- 
ference, and that Mr Tatchell 
should be allowed to put him- 
self forward for selection. 

The decision, which was 
unanimous, may help to defuse 
the row that was building up 
over Mr Tatchell at this 
autumn’s party conference. But 
it appalled Labour moderates 
who claiimed it represented a 
complete climbdown by Mr 
Foot, and uxMlermined his whole 
stand against the far left. One 
said afterwards it was “ back 
to square one." 

It could also precipitate a 
potentially very damaging by- 
election for the Labour Party. 
If Mr Tatchell is selected again, 
Mr Bob Hellish, the sitting 
Labour MP for Bermondsey, 
may well decide to resign his 
seat and force a by-election as 
a means of continuing his 
vendetta with the far left in 
his constituency. 

Hie organisation committee 
also compounded Mr Foot's 
problems over the Trotskyist 
Militant Tendency organisation 
by endorsing another supporter 
of Militant as a Labour candi- 
date despite the national 
executive commitee’s decision 
last month to set up a register 
of groups as a first step towards 
excluding Militant from the 
party. 

The committee ignored an 
appeal by Mr Foot to postpone 
a decision until after the party 
conference and voted by nine ' 
votes to stir in favour of endors- 
ing Mr aPr WaH. a leading sup- 
porter of Militant as the candi- 
date for Bradford North. 

AH decisions wil lhave to go 
to a full meeting of Labour’s 
executive later this rao’ith. The 
deicsiou to endorse Mr Wall 
could be reversed, judging by 
the size of the maiority yester- 
day, but the resolution enabling 
Mr Tatchell to nut himself 
forward for selection again is 
almost certain to get through. 

It was an article by Mr 
Tatchell just before Christmas 
about extra parliamentary pres- 
sure that finally persuaded Mr 
Foot to take a stand against the 
far left In an extraordinary 
intervention in the Commons, 
he said Mr Tatchell was not a 
Labour candidate. and as far 
as I am concerned he never will 
be.” He then managed by just 
one vote to persuade the execu- 
tive not to endorse Mr 
Tatchell’s selection. 

At yesterday’s meeting Mr 
Eric Heffer, chairman of the 
organisation committee, put 
forward the resolution that 
was eventually approved, but 
not before Mr Tony Benn bad 
tried to persuade the commit- 
tee to endorse Mr Tatchell’s 
selection immediately. Mr 
Benn'e amendment, which he 
said was aimed at “ testing the 
water," was lost by four votes 
to 14 with Mr - Foot voting 
against it. 

Mr Foot then went on to give 
his support to Mr Heifer's, com- 
promise motion. He .said his 
objection to Mr Tatchell had 
been solely based on the article 
he wrote about extra-parliamen- 
tary pressure. He pointed but 
that when he made -his original 
stand, there was a. possibility of 
an imminent by-election. - The 
circumstances now, he said had 
changed. 



BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


THE JOB of Home Secretary 
has always been notoriously 
accident prone. In other Gov- 
ernment departments such as 
the Treasury and Employment 
there is usually some warning 
of coming crisis. At the 
Home Office, however, raging 
hurricanes are apt to come out 
of a completely blue sky.. 

Yesterday provided a classic 
example when Mr William 
Whitelaw, the present incum- 
bent, opened his newspapers to 
be met with the blazing head- 
line “ Intruder at the Queen's 
Bedside. _ Storm over Palace 
Security Breach." 

Not a very good start to the 
week for Willie who recently 
survived a row over law and 
order and now faces further 
trouble with his own back- 
benchers on immigration. 

To dire events like this your 
experienced Westminster poli- 
tician has a stock response — 
an emergency statement in the 
Commons . followed by an 
“ urgent ** inquiry. That is pre- 
cisely what happened yesterday 
and a laconic notice went up 
saying that there would . be a 
statement on “ Buckingham 
Palace (Incident).” 

In sepulchral tones to 
emphasise the gravity of 
the occasion Mr Whitelaw 
announced that Immediate 
steps were -being taken to 
strengthen palace security and 
that Mr John Dellow, Assistant 
Metropolitan Police Commis- 
sioner, was to carry out an 
urgent inquiry into what went 
wrong and to draw lessons for 
the future. 

True to form the remainder 
of the statement consisted 
mostly of solemn platitudes 
interspersed with a few of 
those verbal pitfalls which 
usually mark Willie's perform- 
ances. 

One such moment came when 
he assured MPs that although 
a number of additional security 
measures had already been 
introduced at. the palace “this 
latest incident shows that the 
position is still not satisfactory 
and that more needs to be 
done.” ' 

13 Idas ni*S OtJdes 83»>V 

A gasp went up from MPs at 
what Mr David Ennals (Lab 
Norwich North) rightly 
described as “tile understate- 
ment of the year.’’ A couple of 


William Whitelaw: victim - 
of a classic situation 

seats away from Mr Ennals, Mr 
William Hamilton (Lab Fife 
Central), the arch critic of the 
Royal Family, maintained a 
discreet silence. 

Perhaps the recent occasion 
when he actually shook hands 
■with Her Majesty has had an 
effect on him- after all- 

Mr TEnnais thought it really 
incomprehensible that a man 
who had previously been 
charged with an offence concern- 
ing security at the palace should 
have been “able to do so again.” 

In reply to this Willie boomed: 
“I think X can say that no one 
is likely to have been more 
shocked and staggered than I 
was.” 

One understands what he was 
getting at Nevertheless, it is a 
safe bet that one or two top 
people at the palace were a bit 
more shaken and surprised than 
Mr Whitelaw. 

Labour's shadow Home Secre- 
tary, Mr Roy Hattereley, rose 
with a great display of 
tremulous concern and indigna- 
tion over “this wholly extra- 
ordinary state of affairs." Not 
without justification he com- 
plained that the statement was 
bland and less than precise. It 
was absolutely crucial, he said, 
to know whether palace 
security arrangements had been 
improved after the first in- 
cident had occurred. 

This one, however, was 
immediately shot down by 


Willie who replied in his 
sergeant malor’s bark: "The 
answer is Yes. Sir. They most 
certainly were!"' 

Mr Patrick MeNalr Wilson 
(Con. New Forest) felt the 
trouble was - that police re- 
garded duty at the palace as 
boring and unpopular. Thf 
oflScers who tended to go in for 
it were often at the end of 
their careers and looking for a 
quiet life. 

Normally Mr Eldon Griffiths 
(Con Buiy St Edmunds), psrlla. 
mentary adviser to the Police 
Federation, is greeted with a 
murmur of support from the 
Conservative back benches 
when he gets up to speak on 
these matters. Yesterday he 
was met by a rumble of discon- 
tent Obviously The police are 
not too popular with Conserva- 
tives at the moment. 

Mr Griffiths took refuge in 
a demand for greater tech- 
nology to protect the palace 
including a new-fangled system 
known as a “thermal intensifica- 
tion device.” Presumably this 
idea was put forward on the 
assumption that robots, unlike 
humans, are vigilant 24 hours a 
day and do not nin out for a 
coffee or become engrossed in 
a paperback noveL 

Senior back bencher. Sir 
William Clark (Coil. Croydon 
South), echoing the gut feeling 
of the saloon bar Tory penolo- 
gist, said with some heat: 
. “ When the person does come 
to court I hope we won't have 
a lot of do-gooders saying it 
wasn’t his fault." 

In his quaint old-fashioned 
way Mr Whitelaw replied that 
this would be a matter for the 
courts and for the do-gooders 
themselves. 

Although he- had not managed 
to allay the fears of the 
suburban royalists on the 
Government back benches, Sir 
Whitelaw had put up a credit- 
able performance in difficult 
circumstances. 

But the last word went to 
Mr Hatters ley who probably 
summed up the feelings of MPs 
when he told the Home Secre- 
tary: “You said that security 
had been recently improved. 
Since that resulted in a man 
getting into the Queen’s bed- 
room how was it before the 
improvement? ” ■ 

To that there was no answer 
at all. 


Cautious welcome for UK starts 

educational monitoring on ‘modest 


BY USA WOOD 

A PROPOSAL that the Govern- 
ment should monitor the educa- 
tional performance of - ethnic 
minorities has received cautions 
approval from consulted bodies. 
Sir Keith Joseph, the Education 
Secretary, said yesterday. 

Sir Keith was giving evidence 
to the Home Affairs Select Com- 
mittee which is examining pro- 
gress in implementation of 
recommendations it made in a 
report last year on racial dls- ' 
advantage. 

The Secretary of State said 
that the Rampton Committee, 
(now known as Swann), which 
is inquiring into the education 
of ethnic minority children, 
had strongly recommended that 
statistics of -achievement of 
ethnic ; minorities should be 
collected with a.vfew to moni- 
toring the performance of such 
groups. 

The Government bad con- 
sulted various bodies and 


received “ cautious approba- 
tion.” The Government had 
sympathy with those which 
expressed such caution. 

Sir Keith said the issue con- 
cerned Government as a whole 
and it was now going to explore, 
through further consultation 
with teachers, 'local education 
authorities and ethnic minority 
representatives, how statistics 
might be collected without 
creating worrying consequences. 

Mr John Wheeler, chairman 
of the committee, said, the 
committee would like to 
emphasise its great concern 
over under-achievement among 
West Indian pupils. 

Sir Keither said he had read 
with regret a-newspaper- report 
last week which said that 
research commissioned by the 
Swann committee into why some; 
black , children . did well at 
school and others, did . badly, 
had been abandoned. 



race. 


we beat.some stiff competition 
to build a new walking beam furnace 
for a Swedish steel company 
This reheat furnace, the most 
complex of Its type ever undertaken 
by sas, uses the very latest 
technology to operate with heavy . 
fuel oil at a particularly high heating 
requirement 

with our help, this modified mill 
will achieve a higher continuous 
output than predicted. 

its yet another 
example ofSAS’s Impeccable 
record of walking away 


wf^unaiy major contracts airover 

^■And not justJnthe steel Industry 

We’re active In every conceivable 
field offurnace and thermal process 

engineering for-the automotive, 
glass and aluminium industries. 

Whatever you produce, sas win 
apply its advanced technology to 
give maximum efficiency: 

Helping large companies to 
stay out In front 
. And the smaller ones 
to expand. - - 



SAS-One name that says the lot 

stNn Atkinson Stortiy umicw.Miaiantf House, ounsdaie 



recovery’ 

By Our Parliamentary 

Correspondent 

MR PATRICK JENKIN, Indus- 
try Secretary, told the Com- 
mons yesterday that British 
industry was beginning to make 
a modest recovery from the 
recession: 

Nevertheless, he qualified his 
remarks . by warning that the 
expecteff increase in output 
would not be substantial. 

“The truth of the matter is 
we have a lot further to go.” 

At the same time he denied 
a -prediction from the Paris- 
based Organisation of Economic 
Co-operation and Development 
that Britain's recovery would be 
far slower than the Government 
forecast ; 

“Signs of all the major 
services in this country at the 
present time predict a modest 
increase in manufacturing out- 
1983,” 


aWl.awarpanyof. 









Financial Tunes Tuesday July 13 1982 


UK NEWS -LABOUR 


9 


How the Welsh connection strengthens Aslef 

* - BY DAYIO GOODHART, LABOUR STAff 


Government 

urged 


X GIVE the credit to the 
South Wales Mafia." said Mr 
Brian Kervin, Aslef branch 
secretary at the Swindon depot. 

It was a half-serious reply to 
a Question - that-- has -been 
puzzling and. irritating British 
Kail Western Region executives' 
for ten days: Why has Asiefs 
strike been so disciplined on 
the Western? 

The figures speak, for them- 
selves. Western has been run- 
ning barely one per cent of 
normal services. Other regions 
have been averaging nearly l'o 
per cent. In the strike’s first 
week an average of 15 drivers 
reported to work daily out of a 
possible 2,300. with figures 
between 200 and 300 on the 
other regions/ . 

'Hie -Aslef men I met in 
Swindon provided part of an 
answer to those remarkable 


statistics in their appearance 
and accents. Drivers on the 
-Western tend -to be older, on 
-average, than -elsewhere and 
-they are also more-, mobile 
within thedr fegron. 

“Out' of the 65 drivers hi Swin- 
don there can’t be more than 20 
from this area.’.’ said Mr Keren, 
-a Welshman who at 49 was re- 
garded as one of the babes of 
the .brands. - ■ 

The Welsh influence is notice- 
able everywhere in the region 
especially among union-officials, 
but in Swindon the Welshmen 
also work alongside- Londoners, 
, West Countrymen and “origin- 
als.” ' .. 

Mr Harry Osborne, Exeter 
brand] secretary and another 

Welshman,- explained/ that . the 

roots, of Western's labour 
mobility "lies in the history of 
the Great Western Railway. 

. . “In the old days if you were 


due for promotion and a job 
came up somewhere else in the 
region you had no choice but 
to go." 

Mr Gwynne Hyde, Cardiff 
branch secretary, believes it was 
an opportunity for South 
Walians to take their solid trade 
union traditions to the more 
“backward” areas like Chelten- 
ham or Gloucester. 

It also meant that with almost 
everyone away from nome the; 
rallmen stuck together. 

“The old Great Western was 
like one big family so we 
learned to stick by each other," . 
said Mr Ross Goff, district sec- 
retary for Western Region. 

Mr Vic Shiner, from London’s 
big Old Oak Common depot, 
said: ."I can understand people 
being surprised by the Western’s 
discipline because If you look 
at a map of the area it does 
cover some very politically con- 


servative and anti-union areas." 

He had to- move from Acton 
to Didcot in 1S41 when he was 
promoted from a dean ex to a 
fireman at the age of 18. “I 
didn’t even know where Didcot 
was and X was terrified of leav- 
ing my - mizm so the union 
became like my family," be said. 
‘ Western men consider them- 
selves something of a railway 
elite — again going back to the 
rather better conditions of ser- 
vice they had' with the old Great 
Western. 

They are mainly moderate in 
union terms but extremely 
loyal. There have only been 
three unofficial disputes on the 
Western in' the past 10 years 
and the other side of that coin 
is strong backing for official 
action. 

The Aslef men in Swindon, 
the old headquarters of the 
Great Western, were disap- 


pointed by the strike breaking 
in other regions. “ On the 
be the militants with ail their 
Southern they are supposed to 
unofficial stoppages, but they 
haven’t got the backbone for a 
long dispute,” said one man. 

Mr Ken Shlngleton, BR’s 
divisional manager of the Lon- 
don division of lie Western, 
stressed the older ages profile. 
He said Western had only about 
40 NUR drivers, which helped 
to keep the discipline tighter. 

In Hereford I met another 
group of Western men who 
emphasised the loyalty that 
comes with length of service. 
About 80 per cent of Hereford's 
80 drivers are- aged over 50. 

Btr Philip Elliott, a 57-year- 
old JP, was furious at the 
implication that Mr Ray Buck- 
ton was telling Aslef men what 
to do. “That’s ridiculous. It’s 
us that’s pushing him." 


NUR Left is accused of being out of touch with the membership 


BY PHILIP BASSETT. IABOUR CORRESPONDENT 


LEFT-WINGERS are criticis- 
ing the performance of the 
Left in the National Union of 
Railwaymeh. They feel the 
NUR Left contributed directly, 
to the union’s projected in- 
definite strike over pay and 
productivity being called off 
by the union’s conference. 

While the criticism may be 
rooted In ideological differ- 
ences within the Left, it is 
significant in /that it gives 
taeit support to Right-wing 
criticisms of the Left on the 
NUR’s governing execs3ve 


committee that they are out 
of touch with their members. 

Left-wingers on the NUR' 
executive originally secured a 
vote for the all-out strike by 
27 votes to 6, bat saw it 
turned over at the union’s 
; annual general meeting by 47 
_ votes to 30. 

Left-wingers critical of the 
performance of the Left on-, 
the executive— mainly, ap- 
parently, members of the 
, Socialist Workers' Party — 
accept that Mr Sid Weigh eU, 
the moderate -NUR general 


secretary, had considerable 
Influence. But behind their 
criticism is support for the 
feeling that they are out of 
touch with the membership. 

An unsigned article in fhfa 
week’s Socialist Worker, the 
SWP paper, says: “It’s one 
thin g for an executive to call 
a strike and quite another 
thing to ensure that It goes 
ahead with the maximum 
unity.” 

The article says the first 
involves passing a resolution; 
the second involves campaign- 


ing among the members, 
countering the propaganda of 
employers and the Press, and 
organising pickets. 

“N one of this was done by 
the NUR’s Left-wing execu- 
tive.” 

The article argues that the 
NUR Broad Left did not dis- 
tribute one leaflet or make 
any attempt to mobilise the 
union's membership. 

“To pass a resolution call- 
ing for a national indefinite 
all-out strike from Sunday 
midnight is a different thing 


altogether if you can’t deliver 
the goods.” 

The article argues that the 
NUR ‘ Left simply cannot 
translate the winning policies 
of the Left in the Labour 
Party to ' union affairs, 
because there is more to 
unions than winning positions 
In 

“These electoral successes 
are not matched by any 
record of leading the mem- 
bers into struggle in the 
workplaces." 


Health leaders threaten 
walkout over pay talks 

BY IYO DAWWAY, LABOUR STAFF 


Efforts continue 
to end Harwich 
Sealink strike 


LEADERS OF Britain’s 480,000 tion of Health Service Employees 
nurses and midwives wilt walk and the National Union of Public 
out of talks with, managament Employees threw out the deal in 
today if any attempt is-made to favour of a continuation of their 
raise the issue of this year’s pay campaign for a 12 per cent rise 
rise. ■ for all NHS workers. 

But .last night there were . If managers insist on dis- 
Indications that the meeting of cussing the pay issue today j 
the Nurses and Midwives Cohse -aftf NUPE negotiators 
Whitley Council — the NHS are certain to walk out. Though . 
negotiating forum — will go RCN officials will feel obliged 
ahead normally if managers to debate the offer, the leader- 
agree not to bring up the ship favours the TUC unions’ 
Government’s final pay offer of proposal that pay be left to 
7.5 percent. . one side. 

It is understood that leaders Privately, the RCN is already 
of the TUC-affiliated unions, angry with management for 
which account for more than issuing a detailed break down 
200.000 nurses,' have- suggested of bow. Uie 7.5 per «ent- rise - 
that the - t>iy Hssu§ fijfe~removed would be* paid to different staff ' 
from the agenda to prevent a grades before talks had taken 
damaging split in- the staff side place. 

at the council. ' The college has already been 

The non-TUC Royal College" of surprised by the strength of 
Nursing agreed at talks with Mr some members’ opposition to a; 
Norman Fowler, the Social settlement and, in a ballot, the . 
Services Secretary, last month to Government’s earlier 6.4 per. 
examine his new pay formula. cent offer was rejected by a 

But officials of the Confedera- margin of 2 to 1. 


TALKS were continuing at 
Harwich last night in an 
.. attempt to end a 10-day strike 
by nearly 500 seamen in pro- 
test against Sealink’s plans to 
cut wage jates. 

Managers of the British 
Rail subsidiary have agreed to 
diseuss the proposals for up to 
48 hours if necessary, but they 
remain insistent that the new 
wage scales and working prac- 
tices must be introduced on 
Wednesday if compulsory re- 
dundancies are to be avoided. 

The National Union of Sea- 
men, which has given official 
backing to the strike, calcu- 
lates that working under the 
' National - ■ Maritime Board 
conditions will cut average 
earnings of able seamen from 
£206 to £165 a week. 

The company claims that 
agreement on the NHB rosters 
and pay rates win help reduce 
the £tm deficit run up 
annually on the Harwich 
routes. 


Birkenhead dockers 
vote to continue strike 

BY BRIAN GROOM. LABOUR STAFF 


THE 225 dockers employed at 
Birkenhead by the Mersey 
Docks and Harbour ' Company 
voted overwhelmingly yesterday 
to continue a week-old unofficial 
strike over compensation for 
their permanent transfer across 
the river to LiverpooL 

They rejected an appeal by 
shop stewards to return to work 
and allow further negotiations 
to take place. 

Across the Mersey, 1.000 
dockers who came out on 
Thursday and Friday in sym- 
pathy with their Birkenhead 
colleagues returned to work. 
Cargo-handling was resumed on 
11 vessels in the north docks. • 

However, Liverpool dockers 
have agreed not to handle any" 
work which would have been 
done by the Birkenhead men. 

Both the Mersey Docks man- 
agement and the Transport and 
General Workers’ Union hoped 
the Birkenhead dockers would 
follow suit after their Liverpool 


colleagues went back. 

Mersey Docks has shut down 
its loss-making cargo-handling 
operation, at Birkenhead as part 
of its “rationalisation pro- 
gramme," aimed at eliminating 
losses by the end of the year. 

During the next 12 months 
the decision will save £950,000. 
Mersey Docks lost £7.5m last 
year, and the Government has 
warned that no more financial 
assistance will be forthcoming 
next year if financial stability is 
not achieved. 

The Birkenhead dockers have 
agreed to the transfer, but are 
seeking a £1,500 lump sum and 
a £900-a-year travel allowance. 
The company has offered a 
travel • allowance for only -a 
month. 

• The unusual bout of in- 
dustrial disputes at the Haven 
ports is continuing. Apart from 
the Sealink dispute at Harwich, 
there is disruption at Felix- 
stowe and Ipswich. 


to place 
P110 orders 

By John Lloyd, Labour Editor 

UNIONS at British Aerospace 
yesterday warned of up to 
38,000 redundancies In the 
aerospaee industry if Govern- 
ment orders for the new P1I0 
.fighter are not forthcoming 
soon. 

Leaders of the Confedera- 
tion of Shipbuilding and' 
Engineering Unions’ aero- 
space committee will meet Mr 
Norman Lamont. the Industry 
Minister, next Wednesday to 
press *»»"» for assurances on 
the future of the fighter — and 
to tell him that BAe should 
try harder to secure a larger 
share of the work in the new 
A 320 airbus. 

Delegates from British 
Aerospace plants met yester- 
day to diseuss redundancies, 
and to tell onion officials that 
to demand much fuller con- 
sultation with the company 
than in the past 

A move to institute nego- 
tiations at a national level on 
layoffs and plant closures was, 
however, set aside In favour 
of plant by plant negotiations. 

Union leaders fear that the 
Government will reject plans 
for the P110 developed to 
replace the Jaguar fighter by 
BAe and Its main component 
suppliers — in favour of UJS.- 
made planes. 

They also believe that BAe 
will not push for a larger 
than 20 per cent share of the 
A320 — the share it now has 
of the A300 and 310 — and 
will thus lose an opportunity 
to create more employment. 

Mr Ken Gill, chairman of 
the CSEU’s aerospace eom- 
. mitt and the general secre- 
tary of the white collar 
engineering union AUEW 
Tass. said last night— “We 
made it clear to the delegates 
that we would be prepared to 
back any fight they wished, to 
mount against redundancies. 
But the initiative must come 
from them.” 

BAe has conceded that its 
previous method of dosing 
plants at Ho!me-on-Sp aiding 
Moor, Bracebridge Heath and 
Bitterswell, with a loss of 
some 1,000 jobs, did not in- 
volve sufficient consultation 
with the onions. 

It has agreed to institute a 
regular series of two or three 
meetings a year with union 
officials, to discuss manpower 
issues. 

A group of Labour MPs 
have tabled an early day 
motion on the P110. calling 
for an immediate decision on 
its future. 


Bifu opposition to 
Saturday opening 

BY BRIAN GROOM, LABOUR STAFF 


AN EXTENSION of bank open- 
ing hours and a widespread 
return to Saturday opening is 
strongly opposed by the 150,000- 
member Banking, Insurance and 
Finance Ungm in evidence to 
the National vonsuroer Council’s 
inquiry into banking services. 

Bifu supports alternatives to 
Saturday opening such as auto- 
tellers. credit cards, and cheque 
c-irds, and accuses the hanks of 
being slow to encourage 
customers to use these. 

Tomorrow the union’s execu- 
tive is considering a ballot on 
industrial action against 
Barclay’s plan to open more 
than 400 branches in the 
autumn. 

Bifu argues in its evidence 
that Barclays’ plan is unfair to 
staff, impractical and unneces- 
sary. It doubts whether it will 
be possible to operate the 
scheme totally with volunteers, 
and is concerned about security. 

It also claims the proposals 
are not as beneficial to con- 
sumers as they might at first 
appear. There is likely to be 
dissatisfaction among customers. 


Even personal customers will 
find the service limited, Bifu 
says. 

It fears a deterioration in the 
service if the bank has difficulty 
maintaining the level of staff 
volunteers. The cost of the 
scheme could result in in- 
creased charges. Bifu suggests. 

Bifu says its policy has 
developed since the English 
clearing banks ended Saturday 
opening in 1969. It allows excep- 
tional hours to operate in 
specific circumstances, usually 
in return for a shorter working 
week. 

Its annual conference in 
April suggested a package deal 
of six-day opening by banks, 
a four-day. 2S-hour week and 
a minimum 15 per cent shift 
premium for staff, in return for 
acceptance of work measure- 
ment programmes and new 
technology. 

Bifu believes the keen com- 
petition that has developed 
between financial institutions is 
in consumers’ interests, hut 
believes there should be fiscal 
neutrality between them. 


Agreement close on bank 
negotiating procedures 

BY OUR LABOUR STAFF 


THE FIVE English clearing 
banks seem close to agreeing on 
new national negotiating 
machinery and dispute pro- 
cedures with their two rival 
unions. 

Negotiations have been con- 
ducted without a formal frame- 
work since the TUC-affiliated 
Banking, Insurance and Finance 
Union, with members m all five 
banks, withdrew from the 
national negotiating body for 
180.000 clerical staff in 1977. 

■This was because it could be 
out-voted — and have its pay 
claims watered down — by tie 
staff associations at Barclays. 
National Westminster and 
Lloyds, which later formed 
themselves into the Clearing 
Bank Union. The banks ended 
the national machinery for tech- 
nical and services staff in 1981. 


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THE FIGHT 

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The new agreements would 
formalise the present arrange- 
ment. whereby the two unions 
negotiate separately with the 
Federation of London Clearing 
Bank Employers. 

A principal sticking point has 
been whaC if any. arbitration 
arrangements could be agreed 
to cover three separate parties. 
The procedure — which the 
federation may formally table 
in September — is likely to be 
silent on this point, and end 
with conciliation. 

However, an exchange of 
letters is likely to establish that 
if all three parties agreed to 
arbitration, arrangements for it 
would be left to the Central 
Arbitration Committee — avoid- 
ing the problem of how, rival 
unions would choose the staff 
side nominees in any panel. 




The missing dimension. 


A blueprint can be quite an anomaly: At least 
where bearings are concerned. 

It can seem to confirm the popular belief that 
afiiollmg bearings, are much about the same— a 
few rolling elements in between a couple of rings 
and a cage of sorts to keep them apart, or maybe 
togetheii and varying Jitde except in size^ 

michisahalftrutLAndalong^tonzea^ 


Looked at closely, the 
same blueprint can reflect 
a complexity of know- 
how, with ball and cylindrical and taper bearings 
all put together in a car gearbox for instance. 
Which, in turn, is a step nearer the truth that 

the strength of bearings is often in their differences. 

This brings us to a dimension you can’t see in 
. thedrawing. Modestly known as application en- 
gineering, but based on four criteria that are far 
from modest. 


Krsfcon SKF competence in a microgeometri- balance ideal raffing bearing selecfion.and appli- 
cal bearing world where big energy savings can cation design, only made posable by an umestrict- 

depend on a tenth of a thousandth ofannllimetie. ed programme of bearing types. 

Secondly: on 75 years of field experience, accu- All of which is the extra dimension boilt into 
irmiafruj by thousands of engineers and passed on our bearings— from miniatures weighing three- 
to our application specialists today. * hundredths of a gramme to those weighing 500 

Thirdly: on an understanding of the problems million times more, 
that equipment makers and users are faced with And into the blueprint solutions we also proride 

and that are fed back into SKFs own anti-friction — worldwide. 

R&D. . „ 

Knirtwy: on onr ability to ^easethefochonofmecharii<^movemeiiL 




10 


Financial Times Tuesday July 13.1982 


-f f 

-Tt 


FT COMMERCIAL LAW REPORTS 


Vessel’s course infringed regulations 

BRADSHAW v EWART-.IAMES 

Queen's Bench Division (Divisional Court): Lord Lane. Lord Chief Justice, and Mr Justice Woolf: June 29 19S2 


A SHIP'S master who 
delegates the watch to a 
qualified person is not 
criminally liable for that 
person’s infringement of the 
collision regulations if he has 
no knowledge of the infringe- 
mem and is not personally at 
fault. 

The Divisional Court so held 
when dismissing an appeal by 
Mr Henry Bradshaw on behalf 
of the Secretary of Stale for 
Trade from the decision of 
Rnsmsat*? m.ngisi rales lhai Cap- 
tain Alan Ewan -.lames, master 
of the MF Tiger, was nol guilty 
of crossing the traffic lane in 
the English Channel contrary 
to iniernaiional collision regu- 
lations. 

Section 419 or ihc Merchant 
Shipping Aci 1SH4 provides: 
“<ti A11 . . . ma.sier.i of ships 
snail obey ibe collision regula- 
tions . . . i2) If an infringe- 
mem of ihc collision regu la lions 
is caused by the wilful deRmli 
of ihe master . . . that masicr 
shall be guilty of a misde- 
meanour.” 

Rule l't tc) of the Jniema- 
r-.on.il Regulations for Prevent- 
in': Collisions ai. Sea 1972 iset 
out in Schi.riiile 1 to the Colli- 
sion Regulations and Distress 
signal > Order 197 ? / provides: 
“A vessel shall to so far as 
practicable lo avoid crossing 
t refill 1 Ian-.', hut if obliged to 
do *o ■Oi.ill cross as nearly as 
practicable at right angles io 
the general direction of traffic 
flow.” 


LORD LANE. Lord Chief 
.Insure, giving rhe ]url^men 1 of 
ih ft court, said that on August 
2H iQS't. the MF Tifflir was ai 
sea ir. the English Channel. The 
mazier was on the bridge and 
ordered a course to be steered 
■••riieh with the prevailing tide, 
would have resulted in the 
vessel crossing the traffic lane 


in accordance with the inter- 
national collision regulations. 

About 10 minutes later he 
handed over the watch to his 
Chief Officer, a qualified master 
mariner, and left ihe bridge. 
While he was away, the vessel 
sailed on a course which was 
in breach of rule 10(c) of the 
regulations. 

The master was charged with 
failing to cross as nearly as 
practicable ai nsht angles to 

the general direction of traffic 
flow, contrary to rule 10(c). 

The magistrates were not 
satisfied 'hat the master knew 
of the infringement of the 
regulations nr that he had been 
deliberately negligent, and they 
dismissed the case. In reaching 
ilia l decision, they rejected the 
.Secretary of State's .submission 
that he could not avoid 
responsibility by delegating his 
statutory duty to the Chief 
Officer. 

Whether that submission was 
right depended on the construc- 
tion of ihe relevant statutory 
provision*. Those were con- 
tained in •O'Nirin 419 of the 
Merchant Shipping Act 1894. 

Sub-section 2 of that section 
created the criminal offence, 
ft applied to an infringement 
” caused by the wilful default 
of ihe master.” At firsi sight it 
would appear surprising if the 
master was guilty of a criminal 
offence, because the infringe- 
ment of ihe regulation* was not 
due to any fault on bis part. 

It was argued for the Secre- 
tary of State that sub-section 
ill of section 419 created an 
absolute obligation on I he mas- 
ter to comply with the regula- 
tions and that it was no answer 
for the master to say he had 
delegated the obligation to 
another member of the crew. 
That was correct. The language 
used in sub-section tit was in 
accordance with such an inter- 


pretation. Furthermore, that 
interpretation was consistent 
with the Court of Appeal judg- 
ment in the Lanij Cx*. r.dolen 
f 1 965 1 P 294. 

The Secretary of State then 
contended, inter u’ic. that the 
"default, of the mssier" 
referred to in sub-section <2} 
was ihe breach of ibe obliaaison 
under sub-secuon tn. Jum. is 
the master could not avoid his 
obligation under sub-section * 1 1 
by delegating, so he could not 
escape his liability unde' - sub- 
section t2) by delegating. 

He supported itui submission 
by relying on cases which estab- 
lished that in certain areas o: 
the law. particularly in Me 
alcohol licensing field, criminal 
liability could not be avoided by 
delegating to others. 

That reasoning had been Me 
subject of criticism. There was 
no difficulty in making a master 
responsible for rhe de.au If.* nr 
his servant in cases of absolute 
liability, because then no ques- 
tion of mens re <7 f guilty mind! 
arose. Where, however, the 
offence was one involving tk--- . 
rea. it was unsatisfactory *o 
tr»*ai the master as having 
rea when he had no such ‘a* a a 

Criminal liability in enn-e- 
quence of dilesarion was con- 
sidered hy rhe Hou*o of Lords 
in Vanr i* YwrwitnnuUos 1 19oo] 
4SH Lord Morris and Lord 
Hudson made it clear :ha* :h®y 
were nor prepared ro extend Me 
principle to a new ’provision tn 
rhe licensing l^xisla’inn. Lord 
Donovan said nr page 511. "If 
a decision rhat ‘ knowing!-. ’ 
means knowingly wilt make the 
provisions difficult to enforce, 
rhe remedy lies with the legis- 
lature.'’ 

The views expressed there on 
criminal liability arising from 
delegation were obiter Inn? 
binding]. However, when ••oti- 
sidering whether it was right 
to extend the principle to areas 


of the lav.- where it had not 
previously been applied, the 
creates! respect must be paid to 
wha» their Lordship* had said. 

There had been no decision, 
so far as was known, applying 
:be principle of delegation to 
prosecutions under section 
•539(2 1. notwithstanding the 
long period for which the 
offence had been in existence. 

The offence was a serious 
one. and a conviction was bound 
to ii&ve 3 most prejudicial effect 
or a master’s future career. The 
offence was punishable with up 
to two years imprisonment. 

Ir. view of rhe contrast 
between the wording nf sub- 
section-- ■ <) and f 2' of section 
419. j*. wa S clearly intended that 
whereas there should he an 
ab-nlute civil obligation, the 
criminal obligation should not 
be absolute. 

In 7"c».o r ViaKKoroiiHos Lord 
Retd rigid i t page 49*5. ■■ I doubt 
whether an - .minority, however 
-■irnne. would justify ... a re- 
sult so contrary ... to The fun- 
rk-menTa! principle that an 
a ■reined p^-r-on cannot he con- 
victed wiJhoui proof of 
re*;, unlesc . . it eli»arlv appears 
rh?- that m:i*t have been the 
intention o? Parliament.” 

There ws- no clear indication 
tr. jogiion 419 i-t (hut Parlia- 
ment intended thnt master 
could he .;onv!*;ied alrijough lie 
P'-rsvn. 1 lly had no mrr-. r.-a In 
the absence of 'h.-.l clear ind lo- 
tion. i: would be wrong to 
anpiy ;he principle (if delesa- 
*.:on in -ection 419(2). 

Apnea! dismis<ed. 

For ihe Secrcinru of .Sinter 
F:chcr<: A then-; {Treasury Sv 1 :- 

r ti;c i rosier: Jcrrh Fay 
1 1 irate flew. Brown, Bemnson 
and Garrett). 

By Rachel Davies 

Barrister 


RACING 

BY DOMINIC WIGAN 


THERE is little between Barnet 
Heir and Batalina in the 
Bertram Handicap, at 3 o'clock 
at Leicester today, to judge by 
their running at Brighton last 
week. However, in the Mol incus 
Handicap at Wolverhampton on 
April 2f>. Breme.v finished ;» 
length second to Balatina when 


ironfeeding 26 lbs to H. West- 
brook’s filly. Today the dif- 
ference in weight is only 7 lbs. 
Brentex therefore must be the 
selection. 

Ian Balding trains a useful 
colt in Mr Paul Mellon's 
Crusader Castle — the proba bit- 
winner of the Mountsorrel 
Stakes at 3.30. Balding may well 
complete a double an hour later 
in the Cardinal Wolsey Handi- 
cap with Nawab, whieh lost by a 
short head lo No Contest over 


today’s distance at Salisbury last 
month. 

At Folkestone, where five of 
the six races are named af’er 
Kent cricketers. p.ist and 
present. Mountain Lodge, which 
was backed down from 7-2 ;o 
7 A before it won easily at No“- 
ingham a fortnight a^o. can 
score aa.iin in the Derek Under- 
wood Stakes at 2.15. Thief Of 
Time. trained by Patrick 
Hastam. who specialises ;n O-.j; 
type of event, looks liMv 'o 


justify short odds m the God- 
frey Evans Selling Stakes at 
2.43. and Ark an. if it gives of 
t:s host, could win the Leslie 
Ames Handicap at 4.15. 

LEICESTER 

3.00 — Brcnlcx’ 

3.30 — Crusoder Castle** 

4.30 — XauaH . 

FOLKESTONE 

1.45— Off The Hook 

2.15 — Mountain Lodgr* 

2.45— Thief Of Time 

3.45 — Yrkan 


BBC 1 


6.40 am upon University (uhf 
.nol;. i. JQ.55 Cricket: Third Test, 
the Cnmhitl Insurance Test 
Senes. England v India from the 
Oval. 1.05 pm News After Noon. 

I. 32 Regional Nows r«r England 
(except London i. London and 
SE: Financial Rep*iri. L*5 Bafi- 
pusk. 4.1S Regional News for 
England (except London*. 4J50 
Play School. 4.45 Lassie. 3.05 
News round. 5.10 Take Two. 

5.40 Evening News. 

6.00 Regional News Magazines. 

6.25 Nationwide. 

6.55 Triangle. 

7.20 The Wonderful World of 
Disney: The Proud Bird 
from Shanghai. 

8.05 Pnvaic Schulz. 

•Mill News. 

9.23 24 Hours at Le Mans 

10.15 Comedy Classic: Steptne 
and Son. Live Now. PAYE 
Later. 

10.45 The 201 h Century Remem- 
bered. I.nrd Home, the 
former Prime Minister, 
recalls some of the major 
events and personalities of 
the last 50 years. 

II. 33 News Headlines. 

11,35 Late Night in Concert. 


TELEVISION 


Tonight’s Choice 

Home-produced natural history programmes have tended to 
hone British tastes in commentary to the bare essentials. Poetry 
is for nature to provide, not the script writer. U.S. imports there- 
fore are often marred to our earn. Tonight (BBC 1, but not Wales) 
ihe Wonderful World of Disney is the apparently unlikely 
umbrella for a look at the Chinese pheasant, imported into the 
U.S. “exactly 100 years, ago.” Brush over the fact that .Disney 
gives too many human characteristics to the creature, including 
the name Warlord, and you might-' even enjoy it. 

Later in the evening on the same channel Lord Home is off 
on the first of four programmes of historical recollections — the 
20th Century Remembered. The remarkably late scheduling of 
what in theory should be a fascinating series bodes ill for their 
actual content. * 

A John Ford film is always worth the time of day and 
although The Quiet Man, BBC 2 (8.30). is very much Ireland seen 
through the rose-coloured romantic vision of the Americans, it is 
fun nonetheless. 

My own fascination with , things nautical — a fascinatioiL.that 
has never been . translated beyond a cross-Channel ferry— will 
keep me glued to The Past Afloat BBC 2 (8.05). I never have 
understood how those huge vessels of the past stayed afloat. As 
tonight's programme show, some of them didn’t. . 

ARTHUR S ANDLES 


BBC 2 


6.40 am -Open University. 

10.30 Flay School. 

1J5 pm Cricket: Third . Test, 
England v India. 

6.25 The Seuffers Are Out. 
6.55 Sis Fifty-five Special. 

7.30 News Summary. 

7.35 Food and Drink. 


8.05 -The Past Afloat. 

8.30 John Ford- Season: “The 
Quiet Man.” starring John 
Wayne. 'Maureen O'Hara. 

10.35 John Field. 

10.45 Newsnight 

11.30 Cricket: Third Test, High- 
lights. .. . 


LGnJDGM 


9.30 am Rocket Robin Hood. 
*1.50 Wile, .Wild/. World . of Anj: 
raais. Hfclfi- Young Ramsay*-! 1.0* 
Incredible World of Adventure: 
Diets, a fact ot fitness. H-30 
Paint Along with Nancy. 12.00 
Pullover. 12.10 pm Let's Pretend. 

12.30 The Sullivans. 1.00 News 
with Peter- Sissons, plus FT 
Index-. 1.20 Thames News with 
Robin Houston. 1.30 EmmMdale 
Farm. J2.00 After Noon Plus 
Revisted. 2.45 The Spoils of War. 

3.45 Father Dear Father, Patrick 
Cargill tn A Word of Apprecia- 
tion. 4.15 Watch It! Dr Snuggles. 
A20 Runaround. 4.45 CB TV — 
Channel 14. 5.15 The Real World. 

5.45 News., 6.00 Thames . News. 

' 6.25 Help! _ _ 

6.35 Crossroads. 

.7.00 Looks Familiar. 

7.30 The Video Entertainers. 

8.00 The Streets of San Fran- 
cisco. Kari Malden*. Michael 
Douglas in A Trout in the 
Milk. 

9.00 Dallas or Bust 

10.00 News. . 

10.30 The Police and the Public. 

the decision tii prosecute. 
1L30 Kaz, Ron Leibman in 
Three Way Split. . 

12J&5 am “ Sit Up and Listen,” 
with Lord Shiuwell. 

+ Indicates programme In 
black and white. 


At* !B.\ Regions as London 
except at Hie following limes: — 

ANGLIA 

3 30 am Scwn'to 10.30 A 

Di.,c, a, C.vcisjOch; 11.20 T!>e Fiy-i 
i;..*. It 50 .Vduoe. 12.30 pm 

•iow.nq Time 1.20 Anal 3 Nj ml 
3.45 Hctvn-* Nmi up!'. 6 00 About 

An-jiNt. 7.00 3urvi»ul 7.30 The V-deo 
Eni?iM-wrs 3.00 His Incitd'h** 

11.30 (Ju:ncy. 12.30 am The Tuosdjy 
Tcp.«: 

BORDER 

9.30 am Lattv iho Lamb 3.40 Ssclu- 
tic.- 10.00 Coe. Me Cool 10 20 Target 
-sc Imnij-jsibu: 10.40 Bai-fiy s B id 

11.00 ??! Contjct 1130 Johnny S 
A" met Opt;os 1-20 pm Border New', 

3 45 4 New K.n/J t>l Family 5 15 
Hippy De/s 6.00 Lo<Aorouna Tues- 

7.00 Rohm'? Nos:. 8.00 Simon 
jrj 5 mun 11.30 Bo-der News Sutn- 

CENTRAL 

9 50 am 4 Op enlnj Annfliar 
Si.ftiM 10 45 the ln-04 hit Hu!t. 11.30 
The c.-srv World n I “icon 13.30 pm 
Tnc Yujn.j Down 1.20 Central News 
3 45 fioh.n'a Ncsi 515 UorF and 
Mmav. 6 00 Cr?ssmad& 6 25 Central 
,','trd 7 00 Privj'c Beniamin. 8.00 

..'a-jrum 11 30 Comral Nawa. 11.35 
C«:v Angelo 

CHANNEL 

12.30 pm Tnc Eiccmc Thoa:n Snow. 


1.20 Channel Lunchtme Nows 3^45 
survival 5.20 Crossroads. 6.00 Chan- 
it9i Report 6 30 Private Benjamin. 7.00 
Robin ! Nasi 8.00 S.man and Simon. 
10JZ8 Channel Late News 11.30 Nero 
’/Joila . 12.25 am Commeruim or 

Frevrsioos Meteorologiquas. 

GRAMPIAN 

9.30 am Firat Thing. 9 35 Sesame 
Str«9i 10.3S Beyond Was two rid. 71.30 
AI Oeming Man at the North. 11.55 
Undersea Adventures of Captain Nemo. 

I. 20 pm North News. 3.45 Clegg's 
People. 6.00 Summer at Six. 7.00 
Rabin's Nest 8.00 S<mon and Simon. 

II. 30 Spellbinders. 12.00 North Hoad- 
l.nes. 

GRANADA 

9 30 am Larry the Lamb. 9.40 Evolu- 
tion. 10.00 Cool Me Cool. 10.20 Target 
the impossible. 10.40 Baitey's Bird. 

11 OO 3-2-1 Contact. 11.30 Johnny's 
Ai,mal Operas. 1.20 pm Granada 
noparts 2.00 Hands. 230 Hama 
Freni. 3.45 Paint Along with Nancy 
515 Happy Days. 6.00 This Js You; 
Rittht 6.05 Crossroads. 6 30 Granada 
Reports. 7.00 Robot'] Nest 8.00 
Simon and Simon. 11.30 Journey to 
the Unknown. 

HTV 

9.40 am $D5ame Snoet. 10.40 Euro- 
oean Folic Talo. lO.Kt Tuesday Mom- 
mij Feature Film. " Child's Play." 

12 30 pm Gardening Time. 1.20 HTV 
Naws 3.45 The Music ol Man. 4.15 


Ask Oeurl ' 5.15 Drfl'ren ,"5trakes 

6.00 HTV News. 7.00 Robm's Nest. 

8.00 Simon ami' 'Simon. 10.28 HTV 
News. 11.30 Portrait al a Legend. 

HTV Cymru/Walm — As ..HTV. West 
except: 12 00 Cei Cocos. 4.15 Ar El 01. 

6.00 Y Oydd. . 6.15 Repon Wales. 

SCOTTISH 

10.00 am Once Upon a Time.. 10.25 
Barley's Bird. 10.50 Pro- Ce>« brirr 
Angling. 11.15 LHtie House pn the 
Prairie.- 12.30 pm Gardemna Time. 

1.20 Scottish News. 3.4S Real World. 
5.15 Tsanme Telea. 5.20 Crossroads. 

6.00 Scotland Today. 6.30 World Worth 
Ksepinq. 7.00 Hobm's' Nest. B.OO The 
Incredible Hulk. 11.30 Lets Call. '11.35 
Pro-Celabnty Snooker. 

TSW 

9.30 am Sasatne Sweat. 10-30 Pas- 
ture Film: "'Contraband Spain." 

12.30 pm ThB Electric. Theatre .Sbaw. 
120 TSW News Headlines. 3.45 Sur- 
vival. 5.15 Gua Honeybun's . Msq>c 
Birthdays. 5.20 Crossroads 6.00 Today 
South West.. 6,30 Pnvete '• Benjamin. 

7.00 Robm's Nest. 8.00 Simon* and 
Simon. 10.32 TSW Lata News. 1130 
Nero Wolfe. 12.25 am Postcnpt. 

TVS 

9.36 am UnMmed World. lO.QOt 
Fdm: " Laxdale Hot!.'* 11.15 Maqilla 
Gor lla Cartoons. 1130 A Fun Lila. 

1.20 pm TVS News. 3.45 Welcome 
Back Kotier. 5.15 Welch This Space 
. . . Leman ol the Week. 6.30 Coast 


to Coast. 7 00 Robin's Nest . 8 00 
Sunon and Simon. 11.30 Erase -in 
Concert.' 12.15 am Company. 

TYNE TEES 

9.20 am The Good Wend. .9.25 North 
East News. 9 JO Clegg's People. .9.55 
The Mus-; at Man. 10.40 Bailey's 
Bird. 11.05 The Nature ol Things. 11.55 
The Undersell Adventures ol Captain 
Nemo. 1 20 pm North East News. 3.45 
The R'urdans. 5.15 The Great York- 
shire Show. - 6.00 North cast News 
6.02 Crossroads. 6.25 Northern Uls. 

7.00 Robin's Nest 8.00 Simon and 
Simon. 10.30 North East News. 11.30 
The Two of Us. 12.00 Get It Right 

YORKSHIRE 

9.30 am Sesame Street. 10.30' Con- 
traband Spam. 11.45 Mag.ila Gortlla 
11 S5 The Undersea Adventures, ol 
Captain Nemo. 1230 pm Superstar 
Profria 1.20 Calendar News. 3.45 
Calendar Tuesday S.1S The Groat 
Yorkshire Snow 6.00 Calendar (Emlnv 
Moor *nd Belmont edinor.6) 7.00 
Robm's Neu. 8.00 Simon and Simon . 

11.30 Viv.an Read. 

ULSTER . V. 

10.15 am Story Hour. 11.10 Stingray. 
11.35 Call It Macaroni. 1.20 pm_ Luuch- 
tiflne Newt 3.45 The New' 'Accelw- 
tors. 4.13 (JlsLer News. 6.15 Gambit 

6.00 Ulster News. 8.05 Mark; and 
Mindy. 7 00 Robrns Nest. 8.00 Simon 
and Sunon 10 29 Ulster Waather. It 30 
News at Bcdt.me. 


(5) Stereo broadcast 
(when broadcast on VHF) 

RADIO 1 

5.00 ant ms R-jO.o 2 7.00 Simon 

Bates. 11 00 Uav d Jensen with me 
FUd ‘0 One Roadshow Irrrn Nonhem 
Irei.i.d 12 30 pm Ncwsbaai 12 45 
Dave Lae Travij 2.00 Paul Burnett. 
4.30 Peter Piv/ell including 5.30 Ncws- 
p»ar. 7 00 Talkdboui 8.00 Richard 
S'. inner. 10.00 John Peel (S). 

RADIO 2 

5.00 ant Ray Moore (Si 7.30 Ten-/ 
iVVian (St. 10 00 limmv Younr; ( S ) . 
12 00 Con a Hunn-loid (3j. 2 00 pm 

Ed jievitn ri> 4 00 Dav d Hamri-.nr. 
i S * 5. ->5 News Sport 6.00 John 
r-nr .Si 8 00 Trie Songwriter* 

9 00 Li« , ?.i :o ihe Band | S • . 9 30 Tno . 


RADIO 


Organist Entertains (S). 10.00 The 

London Palladium Story. 11.00 Brian 
Bitthew with Round Midmqht (stereo 
from midnight). 1.00 am Encore (S). 
2 00 You and the Night and the Music 
(S). 

RADIO 3 

6.55 am Wearher. 7.00 News. 7 05 
Mommn Concert (S). 8.00 News 

8 05 Mommg Concert {continued}. 9.00 
New3 . 9 05 This Week's Composer 
(3) 10.00 Elgar (S) 10.55 Piano 

Music (S). 11.35 Music lor Oboe and 
Harp (S). 12.06 pm BBC Northern 

Simpitony Orchestra (S). 1.00 News. 
1.05 Sty Continents. 1.25 Concert. 


part 2: Dvorak. 2.16 English Songs 
(S). 3.15 University ot Wales Recital 
(S). 4.55 News. 5.00 Mainly tor 

Pleasure (S). 6.30 Jau Today (S). 
7.00 Beowulf. 7.30 Glyndeboume Festi- 
val 1982: " Dan Giovanni." opera by 
Mozart, Act 1 (S) . 9.00 From Mole- 
cules to Mind. 9.46 Glyndeboume 
Festival 1982: ~ Don Giovanni.*' Act 
2 (S). 11.15 News. 

RADIO 4 

6.00 am News Briefing. 6.10 Farming 
Today. 6.30 Today. 8.33 Yesterday in 


Parliament 9 00 
Cell 10.00 News. 


9.05 Tuaeday 
10.02 From Ovr 


Own Correspondent. -10.30' Daily Ser- 
vice. 10.45 Morning. Story ■ 11.00 

News. 11.03 Thr.-TT- Minute Theatre (51. 
11.33 Wildlife.- 12.00 News 12.02 You 
end Yeun 12-27 England.- -Thair 
England. 12.55 Weather. 1.00 the 
World at One 1.40 The Archers. 2.00 
News. 2.02 Women's -Hour. ■ 3.00 
News. 3.02 The Silver Darlings (0). 

4.00 News 4.02 Showbiz. Naturalists 
4.10 Rub es. 4.40 Story Tuna. 5.00 
PM. 6.00 News, Including Financial 
tes < rr 6.30 B/e.-i ol Britain IS82 (S) 

7.00 News 7.05 The Archers. 7 20 
Silent Avenues of the Past. . 7.50 Fils 
on 4. 820 God Give Good Lila (S). 
9.05 In Touch. 9.30 Kjlardoscope. 

10.00 The World Tonight. 10.30 Iniury 
Time (S) • 11.00 A Book -« Bedtime 
11.15 The Financial World . Tnnrght. 
■11.30 Today ;n Parliament. -12 00-News. 



Simple troths about the time 
. ,a 5 money-saving facsimile from 


NEFAX IS FASTER. When it comes to spreading the 
word (or picture) fast, the fact is, NEC’s NEFAX-3500 
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NEFAX IS CHEAPER. In fact, NEFAX-3500 Is an in- 
credibly cost-efficient means of busi 
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Frankfurt branch needed a copy . 
of an important contract. from . ^ 
ihe London branch. Presto. 

At a cost of only 36 p* 
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ihe appropri- 
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delivery, telex 
express mail — 
none of these 
are even in the 
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FINANCIAL TIMES CONFERENCES 

Unit Trusts 


-theway ahead 

October 13, 1982 

Jointly sponsored by Money Management and the Unit Trust Association 
and arranged by the Financial Times Conference Organisation, this one-day 
conference will assess worldwide investment possibilities, with special 
reference to the use of unit trusts. It will be of particular value to financial 
advisers ; insurance brokers as well as unit trust fund managers. Under the 
chairmanship of Mr Mark St Giles, Chairman of the Unit Trust Association 
and Mr P J Manser, Managing Director of Save & Prosper Group Limited, the 
high level panel of speakers will include:- 


Mr Mark Weinberg 

Deputy Chairman S. Joint Managing 

Director 

Harr.bro Life Assurance pic 

Mr Vincent Duggleby 

Editor of ‘'Financial World Tonight” 

ana "Money Box” 

B.B.C. 

Mr Jeremy J C Edwards 

Managing Director 
Henderson Administration Limited 


Mr G T Pepper 

Joint Senior Partner 
W GrepnweK & Co 


Mr Peter Hayes 

Managing Director 
Plan Invest Group Limited 


Mr Tim Miller 

Marketing Director 

Framllngton Unit Management Ltd 




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Sponsors: Unit Trust Association & Money Management 

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the way ahead 


To: Financial Times Limited Conference Organisation 
Minster House, Arthur Street London EC4R 9 AX. Tel: 01-621 1355 
Telex: 27347 FTCONF G Cables: FINCONF LONDON - 

Name 


?nv oic* me at preferential rate of 

£?r.CC t 15 : -; VAT*. 

*'R«o.s:ia!:cns rust be received and 
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res c: £120.00 VAT v.ill applyj. 

Fisasa send me furtner details. 


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/ 



THE ARTS 


London Galleries 

David Piper 


Don Giovanni/Glyndeboume 

Max Loppert 


Among the 'major London 
dealers in art the current 
malaase affecting.' the great 
auction houses is hot visible at 
alhat least on their resplendent 
surfaces. Th& suroestion that 
there might , be., 'a famine of 
quality on tbe art market seems 
ridiculous: . > 

It may he» in “Discoveries 
from the Ginquecento," - at 
Colnaghi in Old Bond Street' 
(till August 7), that the display 
of paintings for sale is stiffened 
by a few loans, and -the loans 
are: indeed- among die most 
remarkable exhibits. : Never- 
theless, “oa the market are works 
by Alton, Bartolommeo Veneto, 
Beccaf umi, - Bellini, Bronzino,' 
Cariaot,- the Carracci (one by 
Annibale, . three ascribed to 
Ludovico), .Lotto, . Piero di 
Cosfcno, Pontormo, Sebastiano 
del Piombo, Spranger, Ttf>aldl 
Tintoretto, Titian. 

The sum is- a small but highly' 
selective, museum-' off---. lSth 
century Italian and Italianate 
painting available as -a bonne to 
the London summer season. 
Many of the exhibits,- of. hig h 
quality, will be unknown to ' 
almost all visitors and the title 
of “discoveries’* is not un- 
justified. 

Pride of place must go to 
the incredibly . well-preserved 
luminous yet mysteriously 
enigmatic “Madonna and rhiiS 
with St John and the Magdalen ” 
by Parmigianino: The depiction 
is clearer than daylight; what is 
depicted is ineffably uncertain. 
Ambivalence, ' in.. one way or 
another, keys the-tension of so 
many of the Mannerist images 
shown here. The formidable 
three-quarter length of a 
bearded aristocrat, by Bronzino 
(a Joan), contains some inner 
anxiety with a loaded stare and 
a gesture of the left hand, hold- 
ing a small book .across the 
body— all indicating some 
imperious rejection of an 
unwelcome (but What?) sugges- 
tion. 

Pontormo's- St Paul, -clutched 
in clear pinks apd greens 
(almost acid) about the hilt of 
his vast sword, suggests doubts, 
anxieties perhaps: more likely 
for Paul before .the conversion 
than when imbued with his 
later certainties. A self-portrait 
of Pontormo, suggests the 
catalogue (by Clovis 'Whitfield; 
erudite, speculative, useful, 
even if coy at times at 
divulging, provenances; a 
normal failing .of dealers’ ’ 
catalogues of course, but these 
marvellous objects must have 
come from somewhere). - r 

Not -the least disquiting is 
what seems at first right a 
modest head and shoulders by 
Maso da San Frfano (another 
Florentine), a portrait possibly 
of Francesco I de’Medici. Just 



St Paul by Pontormo 


dose-cropped dark -hair and 
beard, dark eyes above a clear 
yellow doublet, but somehow 
both anxious and dangerous. 
The catalogue, again, observes 
that the yellow pigment -used 
was probably arpiment, most 
difficult to use “not least on 
account of its poisonous nature 
— it is related to arsenic.” 

-. Mannerist", tensions stress 
even Titian’s magisterial seated 
three-quarter length of a Vene-. 
Han . patrician merchant 
Through a window a galleon 
drives across the ocean with 
what seem a fair wind and' a 
propitious sky. yet there is a 
constraint in the glinting eyes 
while, one hand is far from, re- 
laxed. The. sitter could , well be, 
50 yearn on, Shakespeare’s 


Merchant of Venice with all his 
fortune most perilously at sea. 
-Again and a gain, the handa 
in these paintings, tautly strain- 
ing, speak of inner uncertain- 
ties. In a brilliantly virtuoso 
representation of the Mystic 
Marriage of St Catherine by 
TibaWi, the hands of the partici- 
pants deploy in almost balletic 
fervour. That is of the early 
1550s, already emotional 
leagues away from the serene 
classicism of the High Renais- 
sance, and it may be that the 
visitor to this exhibition, nerves 
disquieted by the ambiguities of 
most of the imagery, will settle 
almost with relief on the dis- 
covery of a little roundel of a 
woman’s head, tucked almost 
modestly away. This is by 


Sebastiano del Piombo. in Rome 
in the early 1530s, reflecting in 
the character of the head no 
doubt Michelangelo, but in mood 
suffused with -a serene elegiac 
tenderness that harks back to 
Sebastiano's Venetian begin- 
nings, almost to Giorgione. 

Colnaghi also put on. in col- 
laboration with Jean-Luc 
Baroni, a distingtdshed collec- 
tion- of Old Master Drawings, 
but too briefly, and dispersed 
by Che time this notice appears. 
Artemis Fine Arts, further 
south at David Carritt in Duke 
Street; St James's, has launched 
into master prints and drawings 
with style and panache (txH 

July 23). 

This show starts with the 
forceful, very large woodcat of 
the Flagellation, about 1430, 
which was offered by the Col- 
ville executors to the Govern- 
ment in Heu of tax and un- 
aomuntably refused. It is of 
high .importance among the 
very rare survivors of such 
early prints; once in the 
Albertina, but unwisely de- 
accessioned thence, it is a pity 
that tiie Government was not 
able to 'secure it for a British 
collection. 

The range displayed then 
proceeds through Barer, 
Rembrandt, Goya and up to 
Toulouse-Lautrec, taking in on 
its way a marveHous free draw- 
ing by Claude, chalks and wash 
almost smudged on to the blue- 
gray paper; a characteristically 
elegant Watteau drawing in red 
chalk of two women; a formid- 
able -Degas large pastel of a 
woman drying herself by her 
tub. . 

The Toulouse-Lautrecs in- 
clude two of my favourite 
lithographs — that of May Bel- 
fort bolding her cat and of tbe 
formidable lady Au Hmneton 
with her lap-dog; in both cases 
the animal looks like some 
sinister mutant as if cat or dog 
crossed with a scorpion. Their 
owners' expressions naturally 
match those of their pets in 
venom. But there is also a very 
fine polychrome impression of 
the famous print of the 
American dancer Loie Fuller, 
going up from the stage like a 
flare in her coloured veils. 

The exhibition doses with an 
exquisitely delicate watercolour 
monotype by Gauguin of a 
Breton landscape, but done 
after his return from the first 
trip to Tahiti. I recommend, 
however, especial attention to 
the group of Rembrandt etch- 
ings and among them the 
supremely mysterious glinting 
Presentation in the Temple in 
the Dark Manner; excessively 
rare, but one of the most.beauti- 
ful and haunting of all 
Rembrandt’s images. 


Of all operas it is surely Don 
Giovanni which most dosely 
bears out Schnabel’s uncomfort- 
able -dictum about great music 
(and, by extension, great opera) 
being better than it can- be per- 
formed. By even such a magnifi- 
cent revival of the work as Glyn- 
deboume gave on Saturday, the 
; idealist is-; probably still not 
entirely satisfied. 

Into John Butt's starting]? 
plain sets and costumes he 
would like an occasional Infusion 
of Mediterranean sunshine to 
counteract: the thunder, the 
li ghtning , the semi-perpetual 
rain, to mitigate the Puritan 
severity of black, grey, and 
white (perspi curiously as tbe 
designer has assorted and con- 
trasted his characters).' Of -the 
current cast, arguably the best- 
all-round here since the heyday 
of Jarinac and Richard Lewis, 
or even Brownlee and Souez, 
he hankers after touches of 
greater vocal allure in one or 
two of the female members. 
About Bernard - Haitink’s con- 
ducting, or the production as a 
whole, he finds it a struggle to 
come np with a single cavil. 

And in tbe end he is happy 
to admit- that with all this 
was the most exciting, most dis- 
turbing. most musically sentient 
Don Giovanni — in brief tbe 
finest— he has ever encoun- 
tered. For long stretches it 
seemed to fulfil another operatic 
Ideal, no less pertinent to the 
work in question than those sug- 
gested above — the ideal of 
“opera as music-drama, ’* in 
which it becomes impossible to 
determine where ends the pro- 
ducer’s, or the conductor’s, or 
the singing actor’s, individual 
contribution, and in which tbe 
fusion of all these into Mozart 
becomes inextricable and un- 
shakeable. Tbe production 
cleaves to Da Ponte's libretto, 
taking seriously instructions 


Eric Fenby/Festival Hall ■ Jessye Norman/St John’s, Smith Sq. 


Dominic Gill 


David Murray 


. As every Delian knows. Dr 
Fenby was Delius’s amanuensis 
from 192^34; and collaborated 
iix the composition of the last 
■works, including the Songs of 
Faremell and A Song of Sum- 
mer. Fewer perhaps know of 
him as* composer and perform- 
ing musician in his own right 
(an organist by tabling,' he was 
director of music after the war 
at North Riding Training Col- 
lege and later a professor of 
. composition at the RAM). 

He is also persuaded from 
time to time to mount the ros- 
trum and conduct performances 
of Delius’s music which always 
bear the mark of a sensitive, 
thoughtful hand, and the closest 
musical sympathy- ■ On Sunday 
he shared a London Symphony 
Orchestra concert with Neville 
Marriner (who directed Berlioz’s- 
Symphonic faxUastique in the 
second half), .and opened the 
evening with a very beautiful 
account of The Walk to the 
Paradise Garden - — refined <rf 


colour and phrase, every instrn- j 
mental strand carefully 
weighted, drawn out with -un- 1 
common ease and eloquence. : 

The LSO continued under 
Fenby with Appalachia — one 
of the several substantial musi- 
cal fruits of Delius’s year (I8S4- 
1885) as an orange-planter in 
Florida. But is Appalachia 
really major Delius? The 
orchestral palette itself seems 
to lack tbe flexibility, and the 
delicate and subtle responses, 
of the sound-world inhabited by 
the cello concerto, tbe Three 
Orchestral Pieces or Brigg Fair, 
nor does it -betray even at its 
most evocative and urgent, a 
pale, fraction of the ungainsay- 
able fervour of A Mass of Life. 
The inspiration seems not 
stunted but stinted: could it be. 
the character of the American 
melodies, so foursquare^ un- 
European, that secretly short- 
circuits the Delian current 
(similarly misrouted in the 
Florida Suite)? 


■ It is almost unfair that Miss 
Norman's splendid soprano 
should go with a stage presence 
so weightily persuasive; in the 
hall yesterday, her BBC lunch- 
time programme was delivered 
with a command that challenged 
critical reservations. Listening 
at home might, all the same, 
have been better. The lot of an 
accompanist in boomy St John’s 
is not enviable. - It may be that 
Phillip MolTs support at the 
piano was well judged for the 
microphones, but in Brahms 
(the Zipeunerlieder) and in 
Mahler (the' five last Rfickert 
songs) he sounded deferential 
and under-powered on the spot. 

The Zigeunerlieder were 
originally composed ] as part- 
songs, and in the solo voice ver- 
sion much important material 
is given to the piano. Doubtless 
with the best intentions, Moll 
converted much of his bass part 
to a soft oleaginous mutter; 
all the rhythmic energy came 
from the voice — Miss Norman 
in superb form — with the 


piano seeming only to-be drawn 
along in its wake. Again, tbe 
mighty climax of Mahler’s “ Um 
Mitternacht ” was a mere 
shadow of itself, though Miss 
Norman’s declamation was as 
solid and fervent as one could 
wish.. Richard -Strauss- can be 
treated more flexibly, and yet 
“Die Nadit” lost some of its 
intensity through the frail, un- 
steady ticking of tbe piano part. 
Those things said, it can be 
added that Moll's second-fiddle 
contribution was musically in- 
telligent — and that Miss Nor- 
man’s authority was almost 
sufficient to compensate for tbe 
imbalances. Within each song 
each phrase was most de- 
liberately placed, and still bad 
the ring of spontaneous feeling, 
even (implausibly enough) in 
Strauss's jnmpmg-for-joy song 
“ Wir beide wollen springen.” 
She was searching with bis “Lob 
des Lei dens,” charming in 
" Einerlel ” — her gift for 
switching moods with assurance 
is remarkable. 


therein usually ignored. Its 
purpose in doing so is not 
timidly conservative, indeed, 
but revolutionary: by making 
every note, every word, every 
gesture resonate with unempha- 
tic significance, producer, con- 
ductor, designer and cast have 
between them conspired- to test 
and turn upside-down most of 
one's cherished . assumptions 
about the opera. 

When this happens. Don 
Giovanni becomes once again — 
as we know it ought to be, but 
ail too often have to take on 
trust— the most disturbing of 
all operas. On Saturday, the 
disturbance started at once, in 
the “ post-echo ” of those tre-‘ 
mendous D minor chords, 
jaggedly prolonged, in the 
sliding low-string figures, 
awesomely sinuous. It continued 
at ail the obvious points which 
f amiliar fntig lng OT funking 
contrives to. reduce .to hack- 
work: the death' of the Commen- 
d a tore came almost as an 
accident yet it gave visible 
and horrifying pleasure to the 
Giovanni of this production. 

Disturbance filtered into the 
comedy. As related by Richard 
Van Allan's Leporelfo in a 
brilliantly various depiction of 
hangdog servility and secret 
enjoyment of the distress he is 
causing, the Catalogue Aria 
was both funny and deeply 
discomfiting (and at Haitink’s 
tempo, moderate and muscularly 
controlled, each woodwind com- 
ment jabbed salt in Elvira’s 
wounds). The cries of “Viva la 
liberttt!” portended chaos quite 
as much as festive merriment; 
when the stage disgorged the 
lightning and chandelier- 
shaking of the first finale, or 
even the controversial burning 
cross and red devils of the 
dose, their arrival had been 
prepared for with subtle and 
ruthless logic, and the effect 


was commensurately over- 
whelming. 

It is a dark, louring vision of 
Don Giovanni, yet seldom have 
I laughed so much during the 
opera’s course— laughed not 
heartily hut delightedly, at fiDe- 
fingered detail, not at stock 
buffi a situation. By Mr Van Allan 
and by Thomas Allen in the 
title role, recitative is honed to 
cutting sharpness — Mr Allen's 
“ Pazzo! Lasciar le donne!”, 
genuinely bemused, was just one 
of many moments that demanded 
instant storage in the memory 
bank of unforgettable operatic 
acting. The whole production 
gains its peculiar intensity just 
where others have given up the 
struggle ' to find theirs — by 
having at the centre of its 
tangled nexus of emotions a 
Giovanni both repulsive and 
attractive, leeringly vicious and 
masterfully fascinating; a 
Giovanni in whom cruelty and 
courage are opposite surfaces of 
tbe same coin; a Giovanni who 



Thomas Allen 


holds the stage by right, not by 
accident 

The swords tick and tbe rogue’s 
moustache are his emblems, 
points of focus as consistent and 
logical as Sir Peter’s control of 
the dramatic interplay around 
them. Mr Alien, with a baritone 
of the perfect weight and 
colour, was in total command 
of tbe treacherous vocal line. 
This is surely the Giovanni of 
our day. 

As if the success of the 
master-servant couple were not 
sufficient, the revival brings us 
an Anna, the American Carol 
Vaness (a house debutant), and 
an Onavio, Keith Lewis, in even 
suaver and more controlled 
form than in 1978, both of 
whom claim engrossed attention 
rather than the more usual 
patient endurance. Miss Vaness 
comes to Glyndeboume after 
more than one report of high 
praise in these columns; if the 
slow section of “Non mi dir" 
proved less disciplined that the 
fast (unusual distinction), 
there was at full stretch an 
angry, colourful brilliance and 
lustre about Miss Vancss's full- 
bodied soprano that did more 
to depict the inner life of the 
character than all the imperti- 
nent speculation of producers 
with an itch to Analyze and In- 
terpret. And the peasant couple 
of Elizabeth Gale and Gordon 
Sandison, though Zerlina was 
occasionally less sweet vocally 
than visually, are perfectly in 
the picture — how deadly 
accurate is the producer’s 
placing of social levels! 

Another debutant American, 
Elizabeth Pruett, began as a 
slightly colourless Elvira, then 
proceeded to show that the 
modesty of her approach was 
based on dramatic intelligence 
rather than incapacity; “Mi 
iradl," long-breathed, simply 
offered, was most moving. 


Royal Winnipeg Ballet/Nicosia 

Clement Crisp 


' A’ deft and imaginative 
example of business sponsor- 
ship last Friday found Dunhill- 
Carreras flying in the- Royal 
Winnipeg Ballet for a gala per- 
formance in Nicosia in aid of 
the Cyprus Red Cross. With 
DunhiU footing the bill, 

, Nicosia gained one of its ifi- 
; frequent chances to see ballet 
— the Royal Winnipeg company 
is appearing in Greece this 
week but could not otherwise 
have been able to visit Cyprus 
— and the Red Cross benefited 
^handsomely at a time when its 
I resources are additionally ex- 
I tended to provide help for 
victims in the Lebanon. 

The Nicosia Municipal Theatre 
is modem, and even if its stage 
is not as extensive as the 
Winnipeg dancers’ generous 
style requires, their artistry 
was hot constrained and tbe 
opening Out Waltzes looked 
attractively easy. Vincente 
Nebrada’s response to the im- 
passioned platitudes of Teresa 
Carreno’s salon waltzes, played 
with utmost dedication by Earl 
Stafford, is a signature piece 
with the '.company. Yes, it is 
another ~piano ' balletr and ' an 
over-long one, but what sustains 
the dances and our interest is 
the full-blooded willingness of 
its five couples to surge and 
circle over the stage, the girls 
melting into their partners’ 
arms. Threading her ecstatic 
way through the waltzes is 
Evelyn Hart a ballerina whose 
radiant clarity is here, all joy 
and innocent pleasure. It is a 
special delight to see how she 
inhabits the music, her body 
opening out in lovely curves, 
buoyed up on the almost too 
ingratiating melodic line. T also 
admired the varied qualities of 
Susan Bennet Margaret Slota, 
Teresa Bacall, and Patti Cap- 
lette who, with their partners, 
showed off the coherent and 
honest classic style that is so 


central to tbe Royal Winnipeg's 
identity. — one which London 
will be able to appreciate when 
the company comes to Sadler’s 
Wells in October. 

The middle of the pro- 
game comprised those gala 
tit-bits which seem like a meal 
of canapes, and, like canapes, 
usually contain one distinctly 
odd little item. On this 
occasion it was a flimsy quartet 
by Gloria Contreras set to 
music by Moncayo. its banalities 
taxing even those charitable 
feelings generated by galas 
such as this. More to the point 
were the two other morsels: 
Jack Carter’s Pas de deux. 
Romantique is a duet cleverly 
set to Rossini’s Journey to 
Rhdms overture and it evokes 
tbe world of the Vivandikre 
dances, with Teresa Bacall and 
David Peregrine looking like 


Fanny Cerrito and Arthur St 
L6on. They brought off its in- 
genuities with a charm that 
even surmounted powder-blue 
costumes. The Belong duet has 
already been seen in London 
with Evelyn Hart and David 
Peregrine as its impassioned 
interpreters. It is an adagio act 
pretending to be art, with a 
score of whining echo- 
chambered awfulness, but the 
curling and unfurling of two 
beautiful bodies commands our 
unstinted admiration, and the 
dancers persuade us that it is 
really art pretending to be an 
adagio act. 

And, as the bright close to 
the programme. Rodeo. Agnes 
de MJlle made this Ur-text of 
American dance in 1.942 for. 
improbably, the emigre Ballet 
Rnsse de Monte Carlo, who 
must have suffered severe 
culture-shock when faced with 


its breeziness after years of the 
Massine repertory. It is a 
soundly made ballet and its 
sun-baked energy was the 
pattern for a generation of 
shows— starting with Miss de 
Mille’s triumphant work for 
Oklahoma. 1 — in which naivete 
and cowboys and those relent- 
lessly perky tunes invaded 
stage and cinema. As presented 
by the Winnipeg company, 
Rodeo has lost none of its fresh- 
faced enthusiasm. The drama 
of a cowgirl winning the cham- 
pion roper (Julie Whittaker 
and Gerard Theoret, both 
happily cast) amid bronco- 
busting falls and a ranch-house 
dance is done with unassuming 
frankness. The absence of 
mannerism and the presence 
of good manners, merits of the 
Winnipeg dancing, are ideal to 
show off Rodeo's direct and un- 
complicated appeaL 


Cecile Ousset/Bishopsgate Hall 


Every day this week, under 
the umbrella of the City of 
London Festival, Cecile Ousset 
gives a piano recital at lunch- 
time in Bishopsgate Hall — 
characteristic of the traditional 
commitment of the Festival and 
tbe City Music Society (both 
steered by Ivan Sutton) to 
young, and indeed to any major, 
talent as yet not fully recog- 
nised. 

Her week of programmes all 
focus on Chopin. Ravel and 
Debussy, with a sprinkling to- 
day of Faure, Chabrier and 
Saint-Saens (is there better 
musical value to be found any- 
where in London for just £1?). 
Miss Ousset was not completely 
well for her first recital yester- 


Dominic Gill 

day, and took a little longer 
to warm than she usually does; 
but she is a force, even at 95 
per cent efficiency, to be 
reckoned with. The tempi of 
her pair of opening Chopin 
Impromptus were correctly and 
powerfully moderate — so that 
every triplet of the A flat op 29 
rang clear and true, and the 
F sharp Impromptu op 36 could 
achieve, before the whirlwind, 
just the right, grandly Polonais 
stride. . 

Her central climax was a 
stirring account of Chopin’s F 
minor Ballade, massive and ruth- 
less in its scene-changes, made 
in colours of fire. Miss Ousset 
is a big pianist: and in a small 


hall like Bishopsgate’s she 
sounds huge. The A flat Polon- 
aise, given the same thunderous 
bravura treatment, was not 
quite the right piece to follow 
(Cherkassky would have made 
it, at this point in the pro- 
gramme, a wickedly ravishing 
study in pianissimi)— her 
Ondme (from Debussy's Gas- 
par d), a nice cutting edge to 
its sensuous shimmer, was the 
Ballade’s more natural succes- 
sor. By the final pair of her six 
Debussy Preludes, she was at 
last truly in her stride: a gleam- 
ing, seething tide of “Tierces 
alternees," and a glittering 
*Teux d’artifice." If she’d had 
the stamina for another hour, 
Td have gladly stayed. 


THEATRES 


ttaw otM8 

PLAY Q 


CftlliS, LAST WEEK. Even 8 . 0 - Thor 
& Sat S.O & 8 - 0 . 


GREENWICH. S CC. 01 -BS 8 T755. Noal 
Cowar tr 3 design for living. Era. 


ALOWYOf. S. MG *404. CC. S7» 6Z3S. 
ALAN HOWARD. Bast ArtW BEtM 


-Wad A 

SxteodSd tiil'AOBWt 7 


MUC- 
mat* 
for HIM 
Season 


CHICHESTER FESTIVAL THEATRE. 0243 

£ al 3& fg^CA^Sf*TOWal»t^3o! 

fewSfow? ’’cS; 

BARBER Of SEVILLE. BOX Otflco opens 


f O^M^r 1 ’SS.SS? SFVlELl DUNN. ; 

DAVID .SWIFT 


Inwmma 


o fres B jwv TODAY Mat 
.T S O ROSEMARr LEACH, 
t(Ft. 84 CHARING CROSS 
Helena Han ft. OVER »o 
NCBS. 


COMEDY THEATRE. S Cl*4lt 

card nook I BOS 839 143fc Grp sales 879 
ttVlELL DUNN. 


SSBrhtt "nrfls. lO im-S pni 'n 


IFoogf LAST % 5 °WKKS. 1 ”eBdS 


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SS&tFS 



KING'S HEAD. 226 T9TS. Onr 7. Stunt 
8 . MARRT ME A LITTLE no BE tn 
Stephen Sondheim. 


. 01-437 7373. 
In the Broadwnr 
_7.30. Mat Wed 



Bjrnom Hotlines 
8961 lor Instant 
NOW BOOKING 


doNMAR WAREHOUSE. 41 Earlham St. 
S CC CM -83* 1 071/179 6565. ALFRED 
MARKS In AUNT MARY W Pam Gems. 
Evas 8 , Mat Ttairs S« & & 8.15. 



-YORK'S. 838 
am tales 379 


LYRIC HAMMERSMITH. S CC- 01-741 
2311- 01-200 0200 124 Hrs). From Mon 


MAY PAUL S CC 829 3038- Mon-TInw 

T T°Mi 

SBTa^eaST s&ono 


QUEEN'S. 5 CC 01-734 1166. 439 3849/ 
4031. Credit cants 01-930 92^. C*oap 
Hies 01-379 8081. Eaenidn- 8.0 0. Mat 
WM 3JJ0. sal SJO & 8.30. ANOTHER 


ROUND HOUSE. 267 2S64. _TAUq NO 
SAND or NSW YORK hi CTOCONDA 
A St-YA-U and TRISTAN AND ISOLT- 
Ens 8.0. Must end Jo hr 24. 


ROYAL COURT. S. CC. 730 1745. Era 
8.00 INSIGNIFICANCE by Tarry Johnson 


SADLER'S. WELLS THEATRE. 6C1. CC. " 

Sli* 7 * 8916 cs lines'. CSrp Sales, 37B M 

lE&o%o8r umlf “ otrmetl r “ PUZZLE No. 4,921 


F.T. CROSSWORD FTTT“F 


01-200 0200 . 

ROYAL BALLET SCHOOL In Giselle * 
* qHdrupte bill. 26 to 31 July. 

3rd Dance SubserlpMon now, open ”th« 
wet dance sarles ever, ring 01-278 

0855 (24 hrsJ for brochure. 

AMPLE FREE PARKING attar 6.30 pm. 

SAVOY. S 01-836 MSB. CC 930. 9232. 
tvenlnta 7.43. Mats Wed 2.30. Sat 
5.0. aia. MICHAEL FRAYN-S NEW 
COMEDY NOISES OFF. Directed by 
MICHAEL BLAKEMORE. 


ST. GEORGE'S SHAKESPEAREA N TH . 

ai'W «BhTS rs? 

Saturday. . 


ST. MARTIN'S. CC 838 1443. Evas 8 . 

Tues, mat 2^3. . Saturdays 5 4 1- 

A Bath* Christie 1 * THE MOUSETRAP. 
Worlds hjni»t-ew run. 30th Year. 
Fully air -conditioned theatre. 


VAUDEVILLE. CC 01-836 MBS. Evas 9. 
Wed mat* 243. Sats 5 & 8 . GORDON 
JACKSON Id AGATHA CHRISTIE'S 
CARDS ON THE TABLE. Fully air 
conditioned theatre. 



VICTORIA PALACE. CC 01-834. 131741. 
01-828 4735-6. Group sale* 579 

6061. DENIS WATERMAN. ANTON 
RODGErs. The News M.ikai windy 
CITY, bated an the play The Front 

^■^tSSij^o^ m 
2 h&. #, wid M «. s & °«l ta? ss 

Hotnoe 930 0Z3Z. 

WESTMINSTER. CC 834 0233. HANNAH 


GORDON, GWEN WATFORD, PAUL 
DAM EUAN. JOHN CARSON Id THE 
JEWELLER'S SHOP by .Pope John _Paul 
■I. Eva* 7.45. Mafic Wed & Sat 2.30- 


WYNDHaM**. From 3 Apo. Eve» 8 . 0 . 
NOWBOMUNG™ ROBYir ARCHER'S 
A STAR IS TORN. 


across 

I Retain fruit in sugar (8) 

5 Drink a drug from a brewer 

( 6 ) 

9 Symbolist putting notice in 
seemly setting (8) - 

19 Contrive to make soldier 

mature (6) 

12 I’m taking time for re- 
flection (5) 

13 Carriage for the sick speci- 
fied in 6 (9) 

14 Wrongly points a plunger 
( 6 )-- 

16 The funny bone It’s said (7) 

19 Guy Fawkes plot was thus 
described (7) 

21 1 must enter political faction 
to obtain equality in status 
( 6 ) 

23 ■ Fut on sprinkler for the 
venue of the St Leger (9) 

25 Is returning with the pro- 
duct of a rib. but it’s a fine 
riddle (5) 

26 Fruit right for Rolands 
adversary (6) 

27 Boast about friend and 
badger (8) 

28 Keep quiet about warmth 
in protective cover- (6) 

29 The main strength (3-5) 

DOWN 

1 Apple and fish left in ... (6) 

2 . . . with peach making 
delicious beverage in the 
east (9) 

3 Provide with some quality or 
end use with no section (5) 

4 Meat for archdeacon is 
available (7) 

6 More stale variety of 13 <9) 

7 Fruit and vegetable on 
church (5> 


15 16 I |7 1 [B 




8 Speculate that it could make 25 Market price initially for 
the duck get up (8) food from orchid tubers (5) 

11 Mischievious dtief (4) solution to puzzle no 4.920 

15 Will try the last word 


before time (9) 

17 Putrid line in .London park 
(6, 3) 

18 Showing care Ja artist's 
room above us (8) 

20 Final race from the north- 
east (4) 

21 Have a share in average 
scene without interruption 
(7) 

22 Margin right for a church 
official (6) 

24 I pry around a row (5) 


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Financial Times Tuesday July 13. 19S2 


THE MANAGEMENT PAGE: Small Business 


EDITED BY CHRISTOPHER LORENZ 


enterprise: myth and reality 


Tim Dickson searches for entrepreneurs in a school Gass of ’72 - almost in vain 


"I'M KEEN" 'to Sc-l into' some 
new businesses pretty soon and 
build up something big,*' says 
Douglas Driver. 

At 2S. Driver has already 
more li'.nn quadrupled his com- 
pany's sales in just four years 
and to a European is the 
epitome of :i Californian entre- 
preneur. 

He is now itching to spread 
hi* wings — and fasL 

But Driver, strangely enough, 
seems to be the exception rather 
than the rule — at least among 
his school classmates of a decade 
ago." 

He arid 1 were at high school 
together in 1972 at the Harvard 
School. North Hollywood, Los 
-Angeles,- where I spent two 
unforgettable terms as the 
“ English' '* exchange student Cl 
am actually Northern Irish.) 

But in spite of the venture- 
some Californian ideal only he 
and a handful of others have 
plunged into the hurljr burly 
world of the true entrepreneur. 

. Ten . days ago. precisely a 
decade after ray “ graduation." 

I returned once again from 
California — this time thank- 
fully 'all the way by air, without 
a grinding interlude on Grey- 
hound buses — after a reunion 
meeting packed not only with 
nostalgia lmt also surprise at 
what has happened (and not 
happened) to ray classmates 
over the Intervening years. 

With English school friends 
mostly safely cocooned in pro- 
fessional jobs and large 
organisations — from medicine 
and law to accountancy and 
banking — I had expected to 

FIVE YEARS ago an elderly 
southern Californian book- 
keeper “ went to pieces " when 
her boss— the recently arrived 
MBA graduate, Douglas Driver 
— decided to introduce com- 
puters into her office. 

Driver, grandson of the 
founder of the Dos Angeles- 
based C. W. Driver Inc, and 
now one of its chief executives, 
says that automation of the con- 
struction company’s systems was 
ihe only way for it to expand. 

With his colleague and friend 
Dana Roberts — another bright 
young graduate who over the 
same five years has master- 
minded a new marketing 
approach' — Driver has since., 
transformed a small business 
which provided its owners with 
a comfortable living into a much - 
more aggressive and expansion 
juinded operation. Through an 


find all my Californian chums 
making their fortunes as owners 
of small businesses, 

. Not a brt of it. - Entrepreneurs 
were few and- far between. Most 
of the class of *72 went on to . 
graduate from college (univer- 
sity) around 1976 or 1977, a 
time when a major real estate 
boom on the West Coast of the 
United States was just begin- 
ning. This, not .unnaturally, 
made a significant impact on 
those starting their careers and 
a good half dozen are now in 
the property. business. 

Most of them ace working for 
well-established real estate 
partnerships, but ait least the 
story of baseball pitcher "Big 
BOX" Cerrity reads like the - 
American dream.. After a short- 
Lived career playing baseball for 
the Los Angeles Dodgers and 
the Minnesota " Twins, Bill 
teamed up with his “brother Bob 
to start a family real estate 
business. 

Their initial capital— $80,000 
in accumulated sayings includ- 
ing money which Bill had 
earned as a schoolboy in TV 
commerciais-r-. was all staked on 
one residential property in 2977 
and in true fairy book fashion 
the deal paid off handsomely. ■ 
From that- moment tite San 
Diego-based Geraty company 
branched out into commercial 
real estate . and . among other 
things has cashed in on the 
eagerness of -European institu- 
tions, property companies and: 
rich investors for a stake in the 
mid-west and Vfest Coast real 
estate market 

Says Bill, “We started with 




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m-mm > -mmm- IH' ■■&.&*$ "'^k. f? vssasf 

J-S*, >2"; : ^ 

' liil •• iptv $ 

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virtually nothing, but through; 
sheer bard work, selling our- 
selves, and identifying the most 
promising markets we have 
managed with limited capital. 
What we do is to hoy. options 
on pieces of land and -then we 
go and find investors to put up 
the money. 

“ At the moment things are 
a bit tough in this market,” he 
adds, referring to the impact of 
high interest rates— mortgages 
currently cost- 20 per cent — 
which has .caused residential- 
property prices in California to 
fall in absolute, pot to mention 
real terms. The commercial 
sector is holding up .rather 


better. 

Of the others, Bill Strange, a 
man with a' prodigious capacity 
for Californian beer, is working 
as sales representative for a 
major chemical company — but 
he too is involved in real estate 
through its agricultural 
division. 

Tom Ingram is a stockbroker 
in the Los Angeles area, finding 
turnover levels .of the OTC 
stocks he makes markets in 
“ worryingiy low;” Douglas 
Redding works for Price Water- 
house; Bob Schurr is a property 
(yes, property) underwriter for 
Industrial Indemnity of Los 
Angeles; “Buzz” Blanton is still 


training to be a dentist; and I 
hear that Douglas Wick, who 
couldn't attend the reunion and 
who introduced me to a score of 
new films ten years ago, is now 
half way to being, a movie 
mogul with United Artists in 
New York. 

• Apart from Douglas Driver 
(see article below) and Bill 
Gerrity, .there is a certain 
amount of evidence of entre- 
preneurial ambition among my 
former classmates. But — as 
with many English friends — it 
has yet to be tapped. 

Among these is Chuck Luke, 
the man who, in that sport-crazy 
state, nursed my appalling swing 


The way they were: (left, 
drded) top left: Doughs Driver; 
rights Chuck Luke; bottom: our 

- correspondent. (Right) "Big 
Bill ’’ Gerrity, who fad a “ short- 
lived - career playing baseball” 

• as captain of the golf team. like 
60,000 other Californians, Chuck 
works for Hughes - Aircraft 
, Corporation, one of the biggest 
' employer* on the west coast and 
part of the late Howard 
Hughes* massive business 

empire. ... 

- - Chuck's brother - in - law 
“bought out” a small division 

. .of a large chemical company in 
the San Diego area last year 
and at the moment the move 
looks like being a success. 

. ' But as' Ohuick points out: 
“This is not the best time to 
' set up in business in California. 
Two or three years- ago jobs 
were easy to find and lots of 
people could make enough 
money in six months to enjoy 
the rest of the year. Today, the 
situation has changed and for 
the first time that I can 
remember people are being laid 
off and opportunities have 
become real scarce.- - 
“Working in a company in 
tbe defence and electronics 
business I am lucky enough- to 
be tied to one of the few parts 
of the economy which fis not in 
recession. It would be mad to 
leave now but in years to come 
I am very interested In doing 
something by myself.” 

Chuck says certain -Reagan 
Administration measures — such 
as better tax write-offs in the 
early years— have served to 



’:v .V 


encourage more start-ups. But 
as in the UK, the overall 
economic environment is dearly 
making some people wary, 

“Mind you,” adds Chuck, 
“ there are some guys from the 
11th grade (those in the year 
below us) who are doing- some 
very exciting things in the film 
and entertainments business. I 
reckon these guys are real 
entrepreneurs.” 

Perhaps wealth and security 
has deadened the acquisitive 
urge of a generation many of 
whose parents were driven by 


How an injection of young blood boosted business five-fold 


unusual and highly tax effective 
partnership arrangement, he 
has also overcome many of the 
problems associated both with 
handing on a business to the 
next generation and rewarding 
successful managers through 
equity participation. . 

As In many family controlled 
companies where fathers stub- 
bornly refuse to move aside for 
their sons — particularly ones 
who have picked up fancy ideas- 
at business school — Driver had 
to bide his time. 

“ When I came Into the busi- 
ness full time," he .recalls, “ the 
first thing I looked at was the 
accounting systems. They had 
not been changed for 50 years 


and we were still doing every- 
thing .by hand'. . 

“Construction ig typically a 
price sensitive industry, and we 
had to approach our prospective 
clients- with the -concept that it 
should really be service 
sensitive.” 

During the first six months of 
1978 all accounting and job 
costing information was trans- 
ferred onto the company's first 
computer (an IBM System 32), 
a move which was designed to. 
enable C. W. Driver to expand 
without taking on more people, 
show- greater professionalism, 
and provide project managers 
and. clients with reliable and up 
to date cost data. 


(INI 


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— — Somerset Maug- 
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today - when travelling in style is 
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a select few have preserved their 
‘savoir-voyager.’ 

For those, the ‘IN World Guide* 
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W: 'The travel MUST of the 
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peopie with savoir-vivre.' 


The 'IN World Guide’ is not only the most exclusive 
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Berlin - Zurich * New York 
Kurfurstendamm 214 ■ 

D-1000 Berlin 15 
Telephone 030/8831005 
Telex 185685 


A consultant was also hired 
to help tiie company make a 
stronger impact in the market. 

In the past,” explains Driver. 
“ my father and his uncle had 
tended to wait for people to 
come to ns, rather than going 
out to look for them. We tended 
to turn away business we 
couldn't handle.” 

Dana Roberts, who as the son 
of another employee had started 
work in the company as a 
carpenter, set out to analyse 
the market and identify those 
areas where C. W. Driver was- 
in the strongest position to 
attack. The ideas he intro- 
duced— a new brochure, .a 
properly maintained mailing 


DURHAM UNIVERSITY 
BUSINESS SCHOOL 

SMALL BUSINESS CENTRE 

TUTOR IN SMALL BUSINESS 

MANAGEMENT 

Applications sre invited for the post 
of Tutor in Small Business Manage- 
ment to work in tha Small Business 
Centre of Durham University Busi- 
ness School. 

The Tutor will bs expected to con- 
tribute to the reaching, and research 
of the Centre. Teaching wifi cover 
a wide range of- programmes 
including graduate and under- 
graduate students. awner. managers 
of -existing small companies, would 
be entrepreneurs and advisory 

agencies. 

The post will be on a four-year 
contract at Lecturer grade £6.070- 
E1 2.840 per enntm. plus Super- 
annuation.- 

Applications .(3 .'copies) together 
with the names of three referees, 
should be .sent, not later than 26th 
July, 1382 to the Registrar and 
Secretary. Old Shire -Half. Durham 
DH1 3 HP, from whom further 
particulars may be obtained. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £97 INCLUSIVE 
. READY MADE £105 
COMPANY SEARCHE5 

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Epworth House 
25-36 Cily Road. London. EC1 
01-628 504/5. 7381. 9336 


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Th-> .-'-wly available under belly cargo /baggage pod is also offered as an 
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npe.-^lirg potuniml ol the Super King Air 200 to include the commuter 
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us; .jngert and baggage and up lo 1.600 n.m. with executive loads. 

Pric'd m the range of USS925.000 to US51.D50.000_ plus VAT delivered 
Lrji'(',i«n according to equipment, age and configuration, these exceptional 
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The aircraft are being traded to Eagle bv a leading British c omp a ny in part 
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For full details ot these unique Super King 

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Ask for details of our 

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LOAN WITH MINIMAL RISK 

Orpcr:-jnit» 'o participate in a unfaue 
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ROGER T GICZA A COMPANY 
Accountants 

Lloyds Bank Chambers 
7 Park Street. Silfnal 
Shropshire. TF11 SEE 


PROFITABLE 

ENGINERING COMPANY - 

lias a * pen i?nc ed management and 
DDPio.\imaUlv 10,000 so >S 
MODERN FACTORY FACILITIES 
available lor now ventures 
Write Boa F3327. Financial T iines 
10 Cannon Street EC4P 4BY 


SPORTS GOODS 


Direct selling organisation with 
thoroughly researched -& tested pro- 
duct* A ctiedlcnt potential seeks asso- 
ciation with equity partner or similar 
where. Investment of tlmeifonds.' 
resources can be to mutual edranofie. 

Write Bon F.33M. Financial Times, 
10. Cannon Street. London TCSP *by. 


INSURANCE 

N. London Insurance B rotor 
REQUIRES MERGER WITH 
LARGER BROKERAGE OR COMPANY 
WISHING TO DIVERSIFY 
EUm general' premium approx. 

+ life — 

Applications in strictest confidence 
to Box F3S2B.' Finaneial'Thnaa _ 

, 10 Cannon Street. EC4P 4BY 


* Short/medium term loans 

and overdrafts 

* Commercial Mortgages- 
& Business. Expansion Loans 

* Business Acquisition Loans 

FuU derails frorniCorintfaiarj Securities, \/ SfinintlN 
20 WelbeckStra^ London W1M7P(S V OPCUIlLieS 
Tet'0.E486223C ’ ‘ Limited 


SWITZERLAND 


WOULD YOU LIKE TO PURCHASE OR INVEST IN A SUCCESSFUL 
' INDUSTRIAL OR COMMERCIAL COMPANY OR HOTEL? 

DO YOU WISH TO BE ESTABLISHED IN SWITZERLAND? 

Wo ere especially qualified in tnergtri and acquisition* end have an 
ucantftl chentale. We invite all inbmrios an F strictly confidential basis 
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: PmftfW*. GLOBE PLAN SA, M, MotMtapos 24. CH-T005 Lausanne 
Switzerland - Tel: 021^2 35 12 - .Telex? 25185 MB. IS . 


list, updates on the company’s 
activities and closer liaison with 
the architect fraternity— seem 
simple enough in retrospect 

But the impact of Driver and 
Roberts on results has been 
spectacular by any standards. 
Sales of $7.4zn in 1977 jumped 
to $19.1m in 1979 before moving 
onto a new plane ($3 2m) in 
1981. while provisional esti- 
mates for this year (ending 
October 31) imply sales of $39m. 
The return on capital shot up- 
from 8 per cent to 70 per cent 
In the 12 months after the new . 
team moved in, though given 
the large retention of earnings, 
this figure has obviously fallen 
back. 


Success has inevitably 
brought problems in its wake. 
On the trading front, as Driver 
observes, “competitors learn 
fast, and we find that we con- 
tinually have to develop new 
ideas to main tain a competitive 
edge.” 

More urgent, however, has 
been the question of incentives 
for young managers. “As a 
Driver the chances were that I 
would stay around out .of 
loyalty but there was nothing 
to stop people like Dana 
Roberts from leaving,” says 
Douglas Driver. 

. After signing up some 
shrewd accountants, the pro- 
blem has been solved through 


the formation of individual 
corporations. 

First of all the partnership of 
G. W. Driver was established 
and all the activities of C.W.D. 
Inc. transferred into it C.W.D. 
Inc^ which is still owned by the 
two brothers, is a -50 per cent 
partner with Somers Financial 
(Douglas Driver’s company) 
and Jon Tyler Inc. (Dana 
Robots* company) both 25 per 
cent partners. 

The new partnership arrange- 
ment does not; Incidentally, 
give Douglas priver or Roberts 
any of the existing assets, simply 
a 25 per cent share of all future 
growth. 

Qne of the best features is 


undoubted - hardship and a 
“frontier” spirit. Although the 
energy and imagination of 
Silicon Valley would suggest 
otherwise, one of my classmates 
observed, “Even' in California 
entreprenurial attitudes are not 
as strong as they were. This is 
why Reagan appealed m> .* 
strongly to voters. Too . many of •• 
us just want to enjoy the yood 
life.” 

Driver and Gerrity. at least, ■ 
prove what goals can bi- 
achieved by those who want , 
more. 

the way tax payable by the : 
young executives van ho i 
deferred. Assume that the 
partnership declares a profit .is ■ 
of December 31 2982. Somers < 
Financial incurs this profit in 
its next financial year which \ 
ends on October 31. 1982. At 
this point Somers declares a j 
bonus for Douglas Driver, which * 
is tax deductible as far as 
Somers is concerned in 19S2. 
Under the rules of the Inland ' 
Revenue Service Driver then has . 
73 days to take the bonus, which 
he does on the first day of 
January 1933. Tax does not have ' 
to be paid until April 15 1984. 

Driver, meanwhile, overcomes 
his personal cash flow problems 
by borrowing against SomctV 
corporate • deposits — interest 
on which, believe it or not, is 
also tax deductible. 


)wMr 


HYLACE GAtEXONDON W8 

Luxury New Furnished 
Apartments To Let 

Live inthe elegance of these superb 
two and three bedroom apartments. 
Magnificent views across the Royal 
Parks. Fully furnished .equipped and 
serviced to the highest standards. 



Glenmoriston, 
Inverness-shire, Scotland. 

Over 200 acres of 30 year old Pine 
and Spruce plantations in a compact * 
and easily managed block. 

First class opportunity for forestry gig 
investors* 

Particulars from:- 
Forestry Commission (Dept FT) , 
i flML 21 Church Street, 
fliglfe Inverness IV11EL. 

« Telephone (0463) 32811. 





Full details from 


Keith Cardak Groves 

Chartered Surveyors 

43 Nprth Apdl& Slml. Gmnenor Square 
London WlYUAQ 

01-629 6604 Telex: 27839. 



Attractive Woods and Downland 
Birch Wood, Caterham, Surrey. 

95 acres of mixed woodland and open downJand. These 
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the discerning sllvicultura] 1st and would also be of interest . 
• to orn ithologists, naturalists and those seeking quiet 
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I^rticulars from :TFie Forestry Conirnission, 

^jt ^S agEBg Southampton Road. Lynd hurst. Hants SQ4 TNH 

orTd 042-128 2801. 




This cash voucher 
entitles your company 
to an immediate 

75SS CASH 
AGAINST 
INVOICES 

Subject to apcrvvj I 

CashflowpFoMems?liien cashthTsT 

■ ' Need cash ncrwfYau've gat it right there on your books! 

We wiilgiye you 75“icashagainst your Invoices- money v 0 u can 
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address, or phone us. • *. 

Confidential invoice Discounting Limited 

- Sovereign House, QuoensRoad, Brighton BN! JWZ 
Tele pnoaerBrigh ton (0273) 23211 TElex:B?382 


INTEREST AVAILABLE- IN CENTRAL LONDON 
SURVEYORS, VALUERS, ESTATE AGENCY PHACTICE 

WeJi-«ttWishMJ f 6roadly-bu«f firm, current^ very profitable and 
yet with exceptional potential. Please write with -full particulars of 
Enquirer. All letters will be answered promptly. 

Write Box F3329, Financial Times. 10 'Cannon Street, London EC4P 4BY 


SMALLBUSINESS ANDPROFESSIONALPKEMISES 

■ Amounts from ov.er£ 5 ,d 00 to£I 00 , 000 ' 


ra 


BRIGSTOWE FINANCE UMTIXD 

Contact; Richard Townsend 
YbiriiHaase BbndStwet BrjstottiSJ 5LQ.- 
. ,'fcb(0Z72)4257li * ' ; 7 ? 


I AN INTERNATIONAL 
I IMPORT/EXPORT COMPANY 

With offices in. IB countries are 
Interested hi esablishing retail and/ 
At wholesale! outlets fdr tfiefr _ nmfli‘ 
of hand-carved Teafcwood furniture 
an’d Inlaid. Rosewood and Exotic 
furniture. Handicrafts, including Rat- 
. tan. .Onyx and fashion jowslltry also 
gantiants - end knitwear for mo n/ 
woman- and. children. Area, agencies 
and good credit terms ofierad. 
Intoretttd parties should writs to: . 

. Mt R. Adams, Marketing Manager ■ 
PO Boat 362,-Londprv SW Or 
phoae 01,-480 5125, far Womat i oti 


! FINANCE : 

-, l i™ 9 'if* - ypu f tirttw of Credit, 
or nmi order, anivas and you .find 
your bank won’t help, ■ j 
T *Y are "not cheap but wa- 

wlll help you to make money, and 
■wo consider business anywhere In 
the wand. 

. RHONE’ P ( INTERNATIONAL 
01-228 3913/228 2428 or. : 

” TB.EX: 917525/2^01 ■ - 
. 33 PARKGATE ROAD" '» . '' 

. LONDON 8«tffT.4NP ’ ’ - 1 


A COMPUTER BASED.. ' ' 
COMPANY - ■'■■■■ 

Potential is pra- 

S “ ZSg'-g; 

operation. 

A Bd oanMln •) iMic an> 

.5S"whls? r, ' , - a 

■ .. 8oaJF333T, Financial Tunes j, ; 

» Cannon Sttiet. EC4P UBY i 


WANTED TO 
PUKCHASE'. 

"■also certain items for sale 
Consumer Credit Portfotiofi, 
Mortgage Lending, HP/ and 
Personal loan Books. - - 
Mmiraom balances £50,600 
; v ■ Principals orily' . ' . 
■'=“V ' Brir*2334'. 

Financial Times - 
f ’ 10» Camum Street 
_ London, BG4P 4SY . 









r #T*j 


ESTABLISHED 

COMMISSIONED 

AGENTS 

required in Great Britain to sett 
a range of agricultural, industrial 
and' automotive lubricant* and 
additives, P^S a comprehensive 
rang* of lead acid batteries. 
Product range highly competitive 
in price. Excellent commission 
rates, interested parties apply in 
writing to: 

Sox F3335„ Financial -Times * 

10 Caimpn i Street, EC4P4&Y •' 


SHELTER 

For corporate- and- private Investors 
100% IBAs- now available in prime 
southern . locations' with' . rental 
guarantees and several leasebacks 
to Local Authorities. 

TAYLOR CRISPIN & CO. LTD. 

-V TS SoUlh Moiton Street 
. . . • : London W1Y1DE 
Tel: 01-628 8891 - Telex: 88897 


. Tour reliable prompt 
. suppliers of 

CEMENT, MILK, 
TYPEWRITER 

BPI Export Impart GmbH. 

FOB 309-f, D-S91Z Hllchenbach 3 
We« Germany . 

Telex: 875028 cable wbridtzede 


STOCK 

CLEARANCE 

20/50 TOP QUALITY 
MULTI-GRADE MOTOR OIL 
For Sale at.dearance prices . 
■ TEU 0279 410478 


(TO BE SECURED BY 
FIRST MORTGAGE) ■ 

to enable exercise of leaseholder's 
option lor purchase .of freehold" 
valued at almost double that gum 
with vacant- possession. Preposition 
would be a rell-up of Interest for 
a maximum of - one year, pending 
sale ot '-freehold with .vacant poaaas- 
sionl Internet rate- or perhaps shore 
of capital gain nogotiabla. 

- Enquirlas to: 

• Hawkins & to.. Solicitors "! 

Victoria House, Market Street " . 

Newbury. Berks RG14 5DP ■ 



• CONTROL YOUR OWN 
COMPANY. PENSION SCHEME 
PrefesoloiraLadvlca. Formation and ' 
‘ Management of private' pension . 

SctiBmes , .• . ■- 

BARLOW, CLOWES' AND -‘7 
PARTNERS 
68 Htamford. Court - 
Throgmorton Street. London, EC2 
Tel: 01-838 0063 


HIGH TAX. PAYER? 

HAV« YOU MNUDnib AN 
EXECUTIVE AIRCRAFT AS AN 
INVESTMENT? 

Along with 1 00% Capital Allowances 
In the erst year,- we oiler a complete 
Financial and Operational package Plus 
a guaranteed income through our 
charter -subsidiary. 

HAMLIN AVIATION- LTD 
lABVBMtsa Alfpert. Watford. Herts. 
TcL: GarHou (00273) 73639 


COLD. SOVEREIGNS 
- AND -KRUGERRANDS 
NOW FREE OF VJLT., 

-For dauila please telephone 
Mr Cavendish or Mr Woods 
0244 24315/378595 
-Show Cavendish ft- Co. (BuHion) 
Cavendish House, Chester 
All transactions ip strictest 
confidence 


BREATHTAKING BARBICAN — Now com. 
.Plate. - Tower -flats 10 rent wrturnbiied.' 
£4.500 to £24.0DD p.a. Company appli- 
cations welcome. Ring Oi -620 ■ 4372 or. 
01-688 '8110. 

VENTURE CAPITAL REPORT.' 2. The Mali.* 
Bristol. The link between Investment 
funds and small businesses. Invertor s 
and entrepreneurs ring (0272) 737222. 
M. j: ROBINS^ F.C.M.A.. with' nparkence 
1 as Financial Adviser to companies. avail— 
able (or . assignments. Phone D7P3 
723247 or write to *< Bftintton Road. 
Heydock Wkk. Swindon. . . 

Cl A WEEK FOR EC2 ADDRESS combined 
with phone messages and ~t*Jax under. 
£4 a week. Prestlgo often near -Stock' 
Exchange. Messages . Minders Inter- 
national. 01-620 ooga. Telex; 881 1726. 


Can you fre/p us 
to help you? 

Wb are a' well established 
Somerset Company with in-house 
B59000 PCB manufacturing 
facilities and an electrpnic based 
assembly plane' Our ' ultimate 
aim is to rrunufacturB Our own 
product. If you hav« a product 
we could invest -m or manu- 
facture under license we would 
welcome your immediate con- 
tact 

-.Write Box F3331. Financial Timai 
10 Cannon Strom, EC4P 48V 


EXECUTIVE AND . 
OPERATIONAL 
OFFICE FURNITURE 

UP TO 30% DISCOUNT 
OFF 

Available to; 
ROSEWOOD . ' 
WALNUT ■ 

LIGHT OAK ■ 
pins -complementary range 
of seating 

. Details from: 01-805 2566 


ENERGY CONSERVATION 

Additional canltal required by recently 
established company mark«slng r new 
type. of Insulation matnriai far Indus- 
trial buildings. The potential market 
is ••■art and the Initial response hoi 
been excellent. To realise the.cMKP- 
ttoool potential the company Is look- 
ing for an Immediate Investment of 
£1 DO-£i 50.000 In return for substan- 
tial shareholding. 

Write Box F.3333. Financial Times. 
ID, Cannon Street. London EC4P 4BY. 


WHY LEASE YOUR 
NEXT CAR? 

You can buy on our 
Purchase Plan 

* 10% initial rental 

* 48 months re payment 

* No VAT on rentals 
_____ * Ultimata ownership 
FBlIfYWlSE FINANCING A LEASING 

Til: Esher (0372} 62467/68780 


SLEEPING PARTNER remih-ed tar a fart 
growing Industrial and office cleaning 
IMSlness. approximate turnover £100.000 
p-x- Capital required for expansion in 
the region of £10.000. Write (tax 


Seeking new 
business 
opportunities? 

Year-end 

taxprpblems? 

Wc can help. Fta sensible, 
practicfladWcecontact: 


practical advice com 

DMC Associates 
. Consonants in 
Management'S: Haancc 
12 Dereteux Court 
London WC2R 3D 
TtL 01 399 4050 (24 tea).' 





FOR EXCELLENT 
BUSINESS 
OPPORTUNITIES 

Picture write to: 

CORNELIUS MiDGLEY & CO. 
Business Consultants 
50 Caxtlaraain Avenue 
South bourne, Bournemouth 

■ B " K : BH65EL 'mr 


MANUFACTURING 
FACILITIES REQUIRED 

En g i neering company with modem 
rang* of machinery, fur a worM-wide 
markrt extra active in spite of the 
recession) wishes to make contact with 
engineering company in the West 
Country (Plymouth /Newton Abbot -area 
preferred) with steel fabrication! 
machining facilities u discus* possible 
collaboration. We have excellent Hies 
contacts, good design and management, 
and seek manufacturing cooperation 
to speed sales build-up. Basis of 
collaboration open to discussion. 

Write Box F.3338. Financial Times. 
10. Cognon Street, London EC4P 4BY. 


WANT AN OFFICE 
PLUS STAFF IN GENEVA? 

Modorn office, waif situated, 
equipped with 3 telephone Unas, 
two tafBxea. . 

Two traitors,' ono banking/ 
commercial man, eti readily 
available to company or parson 
snaking base In Geneva. 
Contact Chrffre No. U 18-115342 
PubHcftas, CH 1211. Genova 3 


PLANT AND MACHINERY 



EXECUTIVE COURSES 

Intensive English' Language 
Courses specialising in 
Business, Commercial, Legal, 
Medical and Technical 
English. Individual tuition, 
.plus seminars and lectures. 
There are video and language 
lab facilities 

Accommodation . available 

Details from: 

THE OXFORD ACAD BUY 
18 Birdimll Rood, Oxford, England 
TbI: Oxford 55205 
. Talax: OXACAD 83147 


PVC WELDING 

Sales Promotional hems. 
Conference requirements. Desk 
Compendiums. Coasters etc. 

— of all descriptions made from 
PVC welded . or sewn, printed 
as required, available from: 

FARMOFF PLASTICS LTD. 
FenbrlgM Works, North Bridge Road 
Bo He ha rested. Herts HP4 1EW 
Tel: Berkhatnpstad (04427) 5303 
Telex: 826715 


AUSTRALIAN COMPANY'S Chief Execu- 
tive. in London to dtsani the distribution 
Of thnlr range of retail products which 
have -been highly successful In Australia 
for 18 years. Interested companies or 
entrepreneurs required tar mtlor cities 
throughout U.K. Call 01-242 ‘3438 tar 
further details. 

BARBICAN. EC2. RESIDENTS. We provide 
telex, phone & mall forwarding facilities, 
within a few minutes walk. Message 
Minders International. 01-B2B 0698. 

NON-QUOTA COFFEE offered at the very 
best prices. Please reply to Sent F312I. 
Financial Times. 10. Cannon Street. 
London EC4P 4 BY. 


Cash on the Nail 

For information a boiAcujr fade ring 

and invoice discounting seivices, 

^ contact cxw of our New Business 
Managers en QW390 1390 or write 
i Id Credit Factoring International 

KXBox5QFefthanvMiddxTWB7QO 

cfi&cashfjlow 


BUSINESS 

OPPORTUNITIES 

Established businesses located 
west of the Mississippi for sale 
by owners. Many owner financed. 
All price ranges available. 
Transportation & Related 
Businesses 

Lodging & Rerated Businesses 
Repair Services 
Amusement & Recreation 
Services 

affiliated' business 
CONSULTANTS 
Box 5339. Dept. A 
Co. Spgs^ CO 80934 
No fee to buyer involved 


(J5JL 
FOR SALE 

profitable well-known cookware 
division of-U.5. company 
Current sales 4 jnillion dollars 
( location mid-west J 
P. K. Studner 
Paris (1) 227A8A6 


FOR SALE 

By Privau Treaty. Several Old 
Master OH Paintings. Transaction 
solely Solicitor to Solicitor. No 
Provenancaa avaHabla. Purchasers 
must aatisfy thamsaives aa to 
authenticity and value. 

Write Box F3340. Financial Times 
10 Cannon Street, London EC4P 4BY 


PRESTIGIOUS 
EXECUTIVE JOURNAL 
seeks additional working 
capital for next phase of 
expansion. Principals only. 
Write Box F.3339 
Financial Times 
10 Cannon Street 
London EC4P 4BY 


PRIVATE COMPANIES 

Pre-tax profits £500,000 to £4,000,000 

Are you a substantial shareholder in such a company? Have you thought 
about ; 

□ how best to ensure the future prosperity of your company and 
its shareholders and employees 

□ how to enable existing shareholders to unlock some or all of titeir 
shareholdings in order to diversify their investments and perhaps 
reduce future tax problems 

□ the possibility of joining forces with a successful public company 
which specialises in helping companies to grow profitably without 
.swallowing them up into a large bureaucracy 

If you would like to discuss the above possibilities, or any other ideas you 
may have about the future of- your business, you are welcome to contact 
Hamish Mackenzie at Crest Nicholson PLC, Crest House, 91-97 Church 
Road, Ashford, Middlesex TW15 2NH (Tel. Ashford 43611). 

Crest Nicholson is the quoted parent company of a Group with varied 
interests, including such well-known names as Crest Homes, the Crofton 
Group of optical companies, En-tout-cas, D- D. Lamson, and Camper & 
Nicholsons. All our businesses retain a high degree of autonomy in their 
management We believe strongly in encouraging them to achieve profitable 
and controlled growth. 


BUSINESSES WANTED 



can create SALES 
for anyone— 

Expansive claim? 
certamiy-We know It 
wont be easy but send for 
free audio cassette and 
hear how we do it. 

The Sales producers 
P.0. Box 316. 

Ascot. Berkshire SL5 9RP 
Telephone: Ascot 28428 


FUND MANAGEMENT 
COMPANY WANTED 

Majority interest or full 
takeover 

Existing Personnel retained 
Write Box G8143 
Financial Times 
10 Cannon Street 
London EC4P 4BY 


FOR SALE 


CITY LITHO COLOUR PRINTER 

: Established. over 30' years, with full repro (not scan) and warehouse 
facilities -on one floor, staff of 12. together with valuable lease of - 
.approximately 5J year*. - . , 

Admirably -suited for a person or group starting up in 
quality Rtho printing, with an available saiei injection. 

Owner must sell IMMEDIATELY at virtual asset value only due to 
ill health. Written enquiries to retained agent: 

> 4 4 A aaa John Foord & Co. 

1 lUfUU U 01 Queen's Gardens London W23AH 


LEISURE CENTRE 

120 ACRES IN SOUTH HUMBERSIDE 
including lake, and fishponds ready for development as a leisure 
and theme park. ' Planning consent and .full drinks licence exists. 

- INNE5 LEE INDUSTRIES LIMITED ■ 

Old Colony House, South King Street, Manchester M2 6DU 
Telr Mi-832 3968 Telex: 665321 


For Sale • 

. FORD MAIN DEALERSHIP 
IN CENTRAL SCOTLAND 
Very reasonable price accepted. Existing management would 
continue. Genuine enquiries in confidence to: 

Box G. 81 39, Financial Times 
10, Cannon Street. London. EC4P 4BY 


SUBSTANTIAL 
ENGINEERING BUSINESS 
FOR SALE 

Based in Kings Lynn 

Producing liming, gearbox and 
pump gears. Turnover approx. 
£|.5m. Workforce approx. 12S. 
Going- concern sale will include 
leasehold property, plant, work 

in progrttt etc. 

BAIRSTOW EVES 
7i7 High Road, London, NI2 
Tel. 01-444 1414 


PROPERTY 
INVESTMENT 
COMPANY 
FOR SALE 

Small Investment Company: 

with roll of £123,000 and 
Public Company Convenant, 
for sale 

Offers invited: leases subject 
to normal arrangements, etc. 

Write Bax G8I44 
Financial Times 
10 Cannon Street, EC4P 4BY 


HOTELS AND LICENSED PREMISES 


A FULLY LICENSED HOTEL AND. FUNCTION CENTRE 
Lovely elevated location, clow to South Cotflioh C°»*t 
, s n 3 acres 12 letting bnda |6 cn -suite), function, room 

' 532 FS? 

T«, AUCTION fun..!, ,».!.»*) - 

ON WEDNESDAY, lot SEPTEMBcB 1KI2 
May. Whetter & Grew. Tragonmoy Houw 

St AusrelL Cornwall - Tel: St AuSWf((07Ki.3S01 . 


BL MAIN DEALERSHIP £5m TURNOVER 
(inc. Jaguar, Range and Land Rover) 

This long established company in the- North of 
England is' for sale as the present owners wish to 
retire. Turnover is in excess of £5m including £ljm 
of highly profitable parts and service income. 

★ The valuable property base includes several city 
centre freehold' sites suitable for redevelopment 

Enquiries from Principals only to: 

The Chairman 

Box G.813L Financial Times 
10, Cannon Street, London, EC4P 4BY 


FOR SALE AS 60IN6 CONCERN 

Sub-contract sheet metalwork business looted in 
Bedfordshire. Current turnover approximately £180,000 
per annum, with potential to increase. Fully 
equipped modem factory for sale or lease. Machinery 
includes Stripp it 'punching machine, Promecam 
brake press, AGA MIG/TIG welding sets, 
spray paint shop. 

All enqoiWea to: 

THORNTON BAKER 
49 Mill Street 
. Bedford - MK4Q 3LB 
Tel: 0234-211521. Telex: 528340 
Ret: ' MRP/CMN/3588 


COMPUTERISED CAREERS SERVICE 

A proven and successful computer based careers information and 
advisory sendee' business for sale with outstanding potential. 

Development and investment to date £60,000 
Enquiries, supported by evidence of resources and reputation, to: 
H. D. Kellie 

C. A. FIN EX SERVICES LTD 
154 Main -Street, 5w'rth!and, Loughborough LEI 2 8Tj 




Freref aiw.8r4<Mrv Tic . 

Suitable tw lire at a hlgn il»« rcMaursn 
art puaiic noun. 

offers in excess OF Aioo.oaa 

SOiE AC t NTS 
- - - <H-B36 80M 


LARGE PROFITARLE 
HOLIDAY HOTEL 
FOB SALE 

Interested parties write CO 
Box G 8125 , Financial Times 
10 Cannon Street, EC4P 4BY 
Principals only 


A FULLY LICEN8EB H OTEL. and 
Function Centre, i' 

tian. tiOM to South. Cornisn Ceut. 
iniDMlng pro»rtY 4n 3 acre*. UJ«r 
t,na betft IS prvwt»i, luimion rw« 
*9 corera. S foenaes. 

• eacri'tnt reu.wBM wtsncns. 

choranrr act. Large ear MrK. 

cool, team* court. Fire ret 

Yur mind bufttiMu. eoormwa 
tikj. For blfi by Public Auction CtfnJoo 

CornwalL Tali St_Aw»&s .10726). 3501. 


ALGARVE, PORTUGAL 

VERY SUCCESSFUL 
PROPERTY AGEN.CY 
and property trading companies 
in . prime location 
■ Price id induda valuable leasehold 
premises £230,000 or £130.000 
excluding these premises. 

Last annual net profit £85,000 
. . Please write to: 

Goldbarg Ravdtn & Company 
Chartered Accountant* 

65. Duke Street London -W1M SDH 


EXPORT 8U51NES5 

EXPANDING CLOTH MERCHANTS 
FOR SALE 

M a result of group reorganisation 
Markets worldwide but especially 
Mid/Far East and Caribbean. Turn- 
over £350.000 per annum. Experi- 
enced personnel svaHaUa. 

Write Box 08)32, Financial Times 
10 Cannon Street. EC4P 4BY 


PRIVATE COAL MINE 

Profitable drift mine in 
North-East Substantial 
reserves of high quality 
coking coal 

Principal i only ploaao 
Write Box <38)33, Financial Timas 
TO Cannon Street. EC4P 4BY 


FOR SALE 

IATA/ABTA Licensed Travel Agency 
TravkyJm installed (Central London) 
Profitable agency, purchaser should 
be a company with a large annual 
expenditure on travel. Turnover can 
be used » purcheae price otharwise 
eround CSS.000.fte brokers. 

Write Bo* G8116. Financial Timas 
10 Cannon Street. EG4P «SY 


FOR SALE 

AS A GOING CONCERN 
HAULAGE COMPANY 
Medium-srted company with. a 
fleet of premium bulk tipper 
vehicles. Turnover £lm+ with 
substantial contract work 
Location: SOUTH WALES 

Write Box GQOOB. Financial Times 
10 Cannon Street. EC4P 4BY 


CHINA 

GLASS & GIFTWARE 

Old 6314 Wished importing business 
ior sale. Turnover in access oi Pjm. 
Firm orders FI 50.000. Goad cus- 
tomer list and sources oi supply. 

Premises and-suH available 
Write Box G8141. Financial Timas 
10 Cannon Sires:. EC4P 4BY 


Retail Furniture 
Business in North West 
For Sale 

Pre-tax profits £150,000 

Principals only to reply to: 
G.Ur. ft CO. 

p»tw Hons. Oxford Streoi 
Manchester Ml SAB 


CANAL HIRE BUSINBS 
UNIQUE OPPORTUNITY TO 
ACQUIRE 13 LICENCE HIRE 
BOAT BUSINESS 

Brand new operating base with long 
leeu in Southern Grand Union. 
Excellent reputation. Present owner 
seeking retirement. 

Write Bour 08735. Financial Tima * 
70- Cannon Street. EG4P 4BY 


FOR SALE AS A GOING CONCERN 

PACKAGE TOURS 

CONTINENTAL AND BRITISH COACH TOURING BUSINSS 
Based in NORTH-WEST ENGLAND incorporating substantial 
excursion and private hire programmes, operated with a modern 
coach fleet in excess of 10. Garage maintenance and parking 
facilities, booking and charting offices available for lease or outright 
purchase if preferred. Fully trained staff, some equipped with 
representative cars. Sale includes all rights and profits from future 
programmes atid bookings. Possible tax advantages to purchaser. 

Applications in writing to Box G8M2 
Financial Times. 10 Cannon Street, London EC4P 4BY 


STEEL LINTELS 

Product and manufacturing capability for sale 

The product has an existing Agrement Certificate. 
The sale includes: plant, equipment, stock and 
finished goods. 

Write Boa: GS13S, Financial Times 
10, Cannon Street, London EC4P 4BY 


AGRICULTURAL ENGINEERING COMPANY 

WEST COUNTRY 

Own product range of farming equipment, recently expanded, which 
no longer fits into parent company's overall strategy. Premises 
18,000 sq. ft. on 2f-acre site. Offers in the region of £200,000. 
Write: Charterhouse japftet (Midlands) Ltd. 

106 Edmund Street, Birmingham B3 2ES 


INSURANCE BROKERS 

FOR SALE 

General section of a well 
established Brokers on the 
South Coast. 75% of premium 
Income motor, 25% general 
business risks. Current 
premium income £300K 
Average commission 15% 

All enquiries to.- 
WILSON BRISTOW 
55 North Street 
Brighton, Sussex BN1 1RH 


SALE OF BUSINESS 

Wall known, established guard end 
security service business in Ger- 
many (hirthar expansion In tee 
mBrfcet possible) to be cold due to 
age and health of present owner. 
Negotiation basis for purchase pnea: 
DM 1,200,000. Realdennal and office 
building msy be acquired in addi- 
tion. 

Write Bax GB14Q, Financial rimes 
10 Cannon Street. EC4P 4BY 


FREEHOLD BOATYARD 

- On ftiver Soar for Sale 
Potential mooring income of £7,500 
p.a. -plus licensed bar and 
restaurant. Licensed trip boat end 
holiday craft hire operation. 

PRICE: £75,000 
Fot details write to: 

T. E. Dane, FCA, Bank Houm 
T he Paddock, Handfotth, Wilmdour 
Cheshire SK9 3HQ 


ANOOVUt — V etude Retulr Business- 
around £190.000 tar Me oolng cerKwo. 
to iraJud- existing contracts and giants. 
T«l- 01-408 2131. RnF RAL.DCP- 
CAR PARKING — London. Lang Term Sate 
storage — Folly inured. Valeting avail- 
able. Tel: 01-903 4184. 

FLORIDA, U£A. — Commercial daveiomd 


FOR SALE ‘ 

IATA/ABTA TRAVEL AGENCY 
LONDON— T/O £1,450; 000 

An excellent opportunity to 
acquire a weir established IATA/ 
ABTA Agency in Central Lon- 
don. Long lease on premises 
consisting of ground floor shop, 
4 offices above, rest room, post 
room etc. Facilities include 13 
telephone lines. Telex, Prestel 
and Travicom. 

Principals only to apply: 

Box G8130. Financial Times 
10 Cannon Sweat, EC4P 4BY 


ESTABLISHED OFFICE 
FURNITURE AND 
EQUIPMENT COMPANY 

PROFITABLE GOING CONCERN 
Leasehold Promisee 
Turnover £60.000 
East' Midlands town 
Write Box.GSIX. Financial Times 
10 ' Gannon Street. EC4P 4 BY 


■ FOR SALE - 
Branded Engineering Tool 
Mam/fastunitg Company 
Sales nationally. Located Midlands. 
Capable,' of being moved. Ongoing 
labour/salas (area it required. NTA 
approx. £200.000’ including -£40.000 
eaih glua* agreed large »« tauss. 
Dtvareo Ltd., 4 Bank Street 
Worcester - Tel: 0506 J3303 




LICENSED 
DEPOSIT TAKER 

Investor with relevant 
experience seeks interest In 
the above. For initial 
discussion please telephone: 
01-581 4844 


COMMERCIAL AND BUSINESS FINANCE. 
£5.250 tx> £250,000. United Assurance 
Consultancy, 47 Argyll Street. St. 
James, Northampton. Call 0604 5BS794. 
Credit Brokers. 


Attention Office 
Cleaning Companies 

We’re a major public company 
interested in buying a medium sized office 
. cleaning company. 

If you have a strong Management team 
and are located in London, the South of 
England or the Midlands, we’ll give you the 
red carpet treatment. 

Contact us confidentially at 
Box G8I34, Financial Times, 10 Cannon St* 
London EC4P4BT 


WE SEEK TO ACQUIRE 
CONTRACT HIRE 
COMPANIES 

Currently o pa rating ear and van 
fleeu in exeess al 100 units 
Please wrne in the strictest 
confidence to: 

The Managing Director 
COWIE CONTRACT HIRE LTD 
Hylton Road. Sunderland 
TU: 078344122 


REQUIRED 

Company dealing in the metal 
finishing machines or specialist 
machine tools with substantial 
tax losses, preferably in the 
Midlands area 
Write with full demils to: _ 
Cooper-Parry, Watson. Sowtor & Co. 
102 Friar Goto. Derby - Ref. RWL 


WE WISH TO 
BUY YOUR 
COMPANY 

Wa are a weH established private 
company presently manulacturing 
and marketing industrial and DIV 
chemical products. Wa wish lo 
expand our existing operations 
either within or outside our cur- 
' rent activities by acquiring a full 
or part interest in an existing 
company. 

Interested parties should write to: 
Box GB04O. Financial Timas 
10 Canon Street. EC4P 4BY 


PRINTING CO., wttt) modern equipment In 
S.E. England required tar purchase hr 
Publishing 'Printing Croup. Write Box 
G.aaes. Financial Timex. 10. Cannon 
Street. London EC4P 4BY. 


CONSUMER 

ELECTRONICS 

Automotive Manufacturing/ 
Marketing Company 

Unique opportunity to acquire — 

• Electronics business based 
in West Midlands. 

• “ Market leaders ” employing 
115 skilled employees. 

• Professional marketing/ 
man agement expertise. 

• New/modera manufacturing plant 
0 81/82— -£2,500,000 turnover. 

Enquiries to: 

R. J. Dickens, 

Peat, Marwick, Mitchell & Co., 

45 Church Street, 

Birmingham B3 2DL. 

Telephone: 021-233 1666. 

Telex 337774 


FURNITURE 

MANUFACTURER 

Bromley-by -Bow— East London 

Manufacturer and distributor of domestic wall 
units, tables and chairs sold under 
the trade name of Milwood Furniture. 

Freehold factory 33,000 sq. ft. and 
Freehold warehouse 30,000 sq. ft. 
with good access and road links. 

Enquiries to: 

W. F. Ratford or G. A. Milnes, 

Peat, Marwick, Mitchell & Co., 

1 Puddle Dock, Blackfriars, 

London EC4V3PD. 

Telephone: 01-236 8000. 

Telex: 8SS018. 


AUDIO 

MANUFACTURER 
& DISTRIBUTOR 

Edmonton-North London 

The business carries out the 
assembly of Alba Audio equipment 
and also the import and 
distribution of associated 
consumer goods. 

Enquiries to: G. A. Milnes, 

Peat, Marwick, Mitchell & Co., 

1 Puddle Dock. Blackfriars, 

London EC4V 3PD. 

Telephone: 01-236 8000. 

Telex: 888018. 

PfeatMarMckjMitcfidl&Ca 







































14 


Financial Times Tuesday July 13 1982 


FINANa^TII^ 

BRACKEN HOUSE,: CANNON STREET, LONDON EC4P 4BY 
Telegrams: Rnantimo, London PS4.Tetex: 8954871 
■ Telephone: 01-2488O6 o 


Tuesday July 13 1982 


High Noon on 

the railway 

INTENSE .picketing (by the train misleadingly oversimple notions 
drivers, which has apparently of what is at stake. This is not 
involved some thoroughly un- a shoot-out at OK Corral, at 
pleasant intimidation, now the end of which the men in 
' seems to have succeeded ro white hats will ride - off 
: containing the back-to-work unharmed into the sunset. - 
movement among the train 
: drivers. As a result, there now Co-operation 
seems little chance of avoiding 


the straight trial of strength 
which both sides seem deter- 
mined to provoke. Aslef, which 
seems to have the genuine sup- 
port of a majority of the drivers 
on the efficiency issue, sees this 
as a battle for its own survival. 
For British Rail the issue is 
becoming equally stark. Failing 
an open-ended subsidy from the 
Government, whicb is not on 
offer, it (has run out of money. 

Principle 

The British Rail Board will 
therefore find itself forced, 
either at its meeting today or 
within a very few days, into the 
grave decision not only to dis- 
miss the drivers with whom it is 
in dispute, but tD suspend the 
guaranteed work week for the 
great majority of railwaymen 
who are sUU reporting for work. 
This is a breach of its existing 


Labour and management will 
have to co-operate in whatever 
rail system emerges from the 
dispute. It is surely a romantic 
dream to imagine that .a total 
shut-down will teach the rail- 
waymen that they are not indis- 
pensible, and yet persuade the 
Government that rail service is 
so desirable as to be worth a 
hefty subsidy, and so persuade 
both sides to plan a new service 
on a clean sheet of paper. 

It is likely at best that the 
strike will collapse in a rela- 
tively short time, so that the 
minor principle of flexible 
rostering will be established. 
The whole remaining agenda of 
efficiency will still have to be 
negotiated with unions that 
may have been forced to aban- 
don militancy, but will remain 
sullen. At worst a prolonged 
dispute will lead to a large 
permanent loss of traffic which 


agreements, and may well be will make all problems harder 
challenged in the courts, and to solve. 


though no High Court judgment 
can produce money out of thin 
air, this is bound to complicate 
an already messy dispute, and 
may distract attention from the 
real issues. 


One difficulty, whicb has 
helped to bring about the 
present impasse, is that the 
Board has at no stage been able 
to offer any very clear vision 
_ ... . - of what future would exist for 

The principle at stake from an efficient industry. During 
the point of view of the Govern- decades of decline, it must 
ment is to establish the idea often have seemed to the work- 
that a government subsidy can- force that efficiency and 
not be taken as a licence for security were always over the 
inefficiency, just as the bitter top of some e v er-unatt ain able 
steel dispute two years ago 1 hill; repeated disappointment 
established that a publicly- has helped the drift in to over- 
owned industry cannot be big- ma nning anH low pay which so 
ger than the market justifies. exasperates both sides. 

This, together with last year's _ .* 
civil service dispute. Is part of Clarification 
a campaign to change attitudes K ^ does decide on 


WORLD OIL MARKETS 




an 




By Richard Johns in Vienna and Ray Dafter in London 


HE CALM and dignity with 
which delegates departed 
from the Organisation of 
Petroleum Exporting Countries’ 
meeting in Vienna this weekend 
was almost eerie. 

Opec appeared to be in dis- 
array, but no-one seemed sure. 

The exporters’ association has 
survived many rifts before hut 
the surprising suspension of the 
weekend meeting must be seen 
as the most "serious crisis since 
Opec began to assert its decisive 
power in 1971. 

The suspension — the first of 
its kind since the Organisation 
began' demonstrating it was a 
force to b e reckoned with — 
reflected a failure of the 13 
members to agree a production 
strategy which would defend 
the declared reference price of 
$34 a barrel against the on- 
slaught of market forces. 

Their inability to implement 
an Opec production ceiling of 
around 17.5m barrels a day 
means that, for the time being 
at least' many of the members 
will go their own way — raising 
production levels and cutting 
prices as they see fit There 
were suggestions yesterday that 
Saudi Arabia, the most influen- 
tial Opec member, would lower 
the price of its Arabian Light' 
reference crude to below $34 certainty 
a barrel. tradition! 

For the energy industry at 30 d conservative-radical 


~ member of the Palestine Libera- 

tion Organisation for its diplo- 
matic inertia in the face of 
IsraeFs intervention in the 
Lebanon, its -stand in Qpoc 
.could cause fresh problems 

Nor can the Saudis rely on 
an imminent increase In 
demand. It could be- a decade 
or more before world oil 
demand reaches a level which 
would allow Opec to open up 
nil the valves. Forecasts to be 
published this autumn by the 
International Energy Agency— 
0 pec’s mirror organisation— 
will show that barring n crisis 
there should be more than 
enough oil - to - go around 
. V- - throughout the 1880 s. 

0rU ,: • Assuming’ a modest economic 
growth rate — globally 2.4 per 
cent a year up to 1985 and 2.7 
&'r#z per cent thereafter— the Agency 
reckons . that non-Communist 
e jj world oil supply and demand 
Players in the Opec. drama (from left to right): King Fahd of Saudi Arabia; Ayatollah Khomeini' of Iran; President Saddam - n ^ ^ balance at about 

Hussein of Iraq; and Colonel Muammer Gaddafy of -Libya. 50 m barrels a day. 

...... Such a consumption level 

traditional “market.” and compliance. agreement on output -but the live output similar to wnaiit not ^ much different 

17.5m b/d ceiling included its enjoyed before the Iranian f rom the position in recent 





premium African crude on the . But statements by Dr 17.5m b/d ceiling included its enjoyed oerore w irauiau from the position ... 

grounds that African crude was Biohammed Gharazi, Minister of self-imposed limit of 7m b/d. revolution, ymen it produced yearSj The PEA believes it 

too cheap and this was affecting Oil, ■ to the effect that Iran Thanks largely to the fact that some 6m b/d. He appears 10 wou | d not aiiow Opec to pro- 

the production of . the Arab would need an output of 1.7m its actual rate was only some have observed opec s tramuonai duce than 27m b/d which 

producers in the Gulf. b/d to satisfy its revenue 6.3m b/d during the second convention that political issues ^ around 3m b/d 

an ft.** oar* ho cat* with requirements indicated other- quarter — while Iraq’s was are not discussed. However, ^j ow the Organisation's in- 

wSe. Then in Quito, apparently limited by the conflict and the the tenor at his ^.^ignage when ^ned capacity. 

+«. rj f tinrfa i Ranrfi rnmiin rivairv umpired by successes on the Syrian closure of its pipeline speaking on Sunday to reporters These forecasts were based on 

battlefield, he assailed Saudi £ the Mediterranean to mly ndicattd the extent ■ ™ wUtf a „ iew that fte , 


Arah BBtueneiu, ue duducu a«uui u> me meaiienraneau 10 aiujr •**- : a view mat urn real oil priCt?S 

_ Arabia for depriving Iran of 800,000 b/d of its 1-2 m b/d Irons aggressive stance was w0l ^ d f a i] to $29 a barrel (in 

ITT'.iT* X pc " w c its rightful markets and putting quota — the overall limit was dictated as muen py its re- 19gl do |j ars ) by the mid-lBSOs 

that the oil market has again kind of patched^ip compromise . financial survival in nrobablv still just observed dur- emergence as the mam power in . -l again to $45 by 

*■« 2“ confusion. ftit Oge has often reached m J“ par ™ sum %££ ESSE * the Gulf as by its undoubtedly 

Oreanisatfon had hemmed Owe P last met in Mav even In practice Iran has probably actual average was less than de fJ e ^ t ^ i I5 1 V jf r DU 1 l e ^ e ^f a> ; h is But the uncertainty of price 

b^n^?uppIy h Mdd™nd to tSm^ Sere wa^ considerable pushed its output beyond the the 17.09m b/d estimated by jg rf!f wii li S nSS movements is just one of the 

stabilise prices, uncertain^ opttaSan then that with the 2.2m b/d estimated by most the Opec wonomists vffio met £?£>” in th^ur- problems shaking oil companies 

returned to the fore. It adds further rundown of stocks of olbfr members. It could teas here prior to the suit of its rights. bifi and smo,! ab,ce t0 tbe 



for OpeCs future ability to established in March. the revolutionary mavenclfs be- mg of them would be necessary . jLJ" ^ demanding ti<m of much better days remain 

•influence the market was the From the point of view purely haviour could be accommodated. But Dr Gharazi was even b/d also at the expense of grossly under-used. And yet the 

constant intrusion of geopotitics of Opec soUdarity the surge of True to its traditional opposi- more truculent this weekend - ' “ 

and national revalues into the collective production in June to tion to any Opec production than in Quito in rejecting any 

crucial deliberations any thing from 18 An b/d to programme, Saudi Arabia was restraint He claimed that Iran 

not formally a party to the should enjoy a share 1 of collec* 


in the public sector as the 
recession is already thought to 
have changed them in the 
private sector. After the long 


a final showdown today, then 
it would be only helpful if the 
Government would, within a 
short time, make a clear state- 


history of stonewalling, disrup- ment of ^ kind of outcome 


tion, and existing agreements 
dishonoured, it is easy to see 
why the Board, inspired 
perhaps by Hs own version of 
the Falklands spirit, is ready 


which it would itself find 
acceptable, and what resources 
it is prepared to commit if this 
can be secured. This would 
help to clarify the issues in 


* or A showdown. It feels fully w hat is bound to he a tense 
confident of Government and complex negotiation; it 
backing. might even bring a new start 

However, it is easy to enter on a Clean sheet within the 
on such a confrontation with bounds of possibility. 


India’s choice 
of president 

MRS INDIRA Gandhi, the Mrs Gandhi Is presumably 
Indian Prime Minister, has guarding against a repetition of 
acquired the- reputation of this in 1984-85 when the next 
someone who likes to surround general election is due. Al- 


herself with advisers where 
loyalty is unquestioned. She has 
done nothing to dispel this 
view in her choice of Mr Jail 
Singh, the former Home 
Minister, as the next President 
of India. 


though she undoubtedly has the 
edge over her fragmented 
opponents at the moment, her 
poor showing in last May’s state 
and by-elections and the general 
unpredictability of the Indian 
electorate are factors which will 


Mr Singh, a Sikh, is bound to have weighed in her mind. 


win in the presidential election 
voting for which began yester- 
day. Mrs Gandhi's ruling 
Congress (I) Party has a clear 
majority in the electoral 
college of legislators which will 
elect the president of the 
world's most populous democ- 
racy. 

Firm axis 

One argument in favour of 
Mr Singh is that the Indian 
President and Prime Minister 
should see eye to eye. Mrs 


Another factor in her decision 
to sweep aside opposition calls 
for a “ consensus candidate ” is 
that presidents can create diffi- 
culties by asking awkward 
questions and are therefore able 
to play a key role in influencing 
certain decisions. 

Despite a distinguished record 
in the Indian independence 
movement and successive top 
jobs in the Punjab Mr Singh 
has not shone in Delhi. During 
his tenure as Home Mnister the 
„ ... . ., - law and order situation has 

deteriorated and bis perfor- 

one to succeed Mr banjiva 
Reddy at the end of his five- 


year terra on whom she can 
rely. 

It can also be argued that in 
a country as difficult to govern 
as India, a federation of highlv about his choice, however, stem 


mance in Parliament— where be 
once defended Hitler, provoking 
pandemonium — has left ■ some- 
thing to be desired. 

The more serious worries 


distinctive states often pulling 
in different directions, a firm 


from the fact that it under- 
lines, if not exactly a mass. 


axis between Head of State and then a serious dilemma, of the 
Head of Government is no bad Indian leadership, 
thing in the light of the awe- 
some problems they all face. Successor 

A 1SS3UL& tt e^ee this is that as Mrs 
largely ceremonial post and it Gandhi has become more power- 
therefore does not much matter .*£. P 05 ^ in government, 
who occupies it. The president t *? e , Judiciary and the states 
has the same powers as those t0 che successful running 
of a British sovereign. These ^ ^he country nave become less 
were further limited by a recent or wrongly the_ kn- 

constitutional amendment which press ion that Mrs Gandhi is 
binds him to accepting the r unnin g an administration in 
cabinet's advice in the exercise - which " jobs for the boys ” is 
of his powers. what guides her has gained wide 

None 0 / these arguments is cu j™ lc ?*. 
wholly convincing. One reason The civil service, a repository 
is that the Indian Presidency °f considerable talent, is being 
is not just a sinecure. The steadily demoralised by Mrs 
president cn play a key role Gandhi’s increasing reliance on 
in the selection of a prime her smal coterie of advisers 
minister when there is no party »nd the followers of her son 
with an absolute majority. Tins Rajiv who succeeded his late 
was demonstrated when Mr brother Sanjay as her heir 
Reddy was called upon to pick a apparent 
successor to Mr Morarji Des&i This last issue — who eventu- 
when the Janata coalition fell oMy takes over from Mrs Gandhi 
apart in 1978. —is at the heart of the .ieader- 

Mr Reddy picked Mr Charan ship dilemma. Mrs Gandhi has 
Singh, leader of the Farmers’ done nothing to encourage the 
Lok Dal (or People’s Party) emergence of a second genera- 
whose poor showing as care- tion of leaders to take over when' 
taker leader prove decisive in she ■ bows out A more even- 
helping to sweep Mrs Gandhi handed choice for president 
back to power in 1979. would have been a start 


Saudi AraMa. ~ companies if eel obliged to con- 

, . . . e tinue Investing in exploration. 

There are historical records production and refinery aetivl- 


t raw’s single-minded refusal 18.7m b/d was not in itself too 
to ‘collaborate with the serious even if the economic 
Organisation’s first attempt to experts concluded it to have 
implement a system of produc- probably the major factor in 
tion sharing — or indeed to the softening of the market. Nor 
renounce any further price cuts was the fact that Nigeria had 
— was undoubtedly fired by substantially exceeded its pro- 
great hostility towards "Saudi duction quota. It had been de- 
Arabia which was in turn tided at the May meeting in 
directly related to Iran’s war Quito that allocations would be 
with Iraq. observed on a quarterly basis. 

Similarly Libya's intransi- Over the April-June period 
gent attitude appeared more Nigeria's production was just 
than ever to be affected not only within it 15m b/d limit 
by financial needs but by ils More ominous for the future . 
own hostility to Saudi Arabia, was the fact that Libya, which . 

Then there was the prospect has not declared any output 
that Israeli troops might figures for any month of this 
eliminate the remnants of the year to the Opec Secretariat, 
Palestinian armed presence in was known to be pushing ex- 
Lebanon — -a very powerful ports as hard as it could and 
influence on Opec’s deadlock, extending its price discounts. 

Saudi Arabia stands accused. As a result its rate may even 
more pointedly than ever before, have reached l.lm-L-m D/d. 
of not using its power on behalf compared with a quota of 
of the Palestinian cause which 800.000 b/d. 
both Iran and Libya profess so From the start Iran nan 
strongly to support seemed to offer, the biggest 

But the Saudis showed no threat to a concerted campaign 
willingness to “sacrifice” any for stabilising the market in 
of their 35 per cent of Opec's Opec’s. favour. The lack of 
oil output, a proportion that protest over the 1.2m b/d allo- 
seems excessive to other cation given to it under the 
members in a soft market. production programme forma- 
In practice this unwillingness Used in Vienna four months 
to cut output greatlv aggravated ago (but effectively worked out 
strains. Saudi Arabia insisted by Arab producers meeting in 
on a bigger differential between Doha earlier in March) seemed 
its own Arabian light, the initially to imply grudging 


for- the Saudi-Arabian confron 


50 


tfftjUOH BAjOELS PEH OAT 


Free W|W0Btp«t 



15 


Noth OPEC Output 

■i. i 1 * i 11 111 


1 i 1 1 1 .i .i 


50 


AMJJASOIIPJ FHAM4J. ASONDJFMA 

1980 imt 1982 


45 


40 


35 


SO 


25 


20 


15 


Graham Levtrr 


tation whi* - posmons 

• Sn^m^^^sSto^-resisted Ia t heir eagerness to stream- 

. SB? f £a a «n» ? £ gfflgsst bSSS 

mayttnia* their respective levels refineries, cut -.its less- 

or output. In the I974r77 period maMn S jetrotiiesncjda. pulled 
when Saadi Arabia sought to 9 ut <* FinUnd. sold its share 
stabilise Opec prices and in- ra a North Sea o*l field and 
crease them in real terms there disposed of a number of other 
were acute strains in relations assets. 

' between Riyadh ana Tehran. BP is not alone. Exxon, the 
Simiferly: the Kingdom has biggest oil company of them all. 
V&equently in the past- been at has. backed put of a number of 
’loggerheads with more, radical major energy projects and put 
' Arab producers because of its «P for sale its Esso chain of 

• moderation on the question of hotels and motels in Scandinavia, 
prices and concern for;the econ- And yet not all is gloom, 
omic wellbeing of the West: It Lower oS prices should provide 
is cow determined , to retain, the ® badly-needed stimulus to 
decisive power which.rests on its economic growth. 

oti- capacity and to maintain re- In their report Opec econo- 
venae at its own required level, mists noted that “ recent mar- 
it is believed, of no less than ket developments would indicate 
6m b/d. the fact that the main consum- 

Mr Afbdul-Aziz Alturki, the ing countries have now become 
Saudi chief delegate at this con- capable of controlling the mar- 
ference. deputising for Sheikh ket in their favour, irrespective 
Ahmed Zaki Yamani who may of political or other eveors.” 
well have been relieved to have. But the close links between mili- 
absented himself, maintained a taiy and political events in the 
relaxed and cheerful posture Middle East do not allow for 
The indications are that any complacency on this score. 
Riyadh will keep, its nerve. Yet as the Agency and other more 
so soon after the Kingdom has cautious forecasters never cease 
been singled oat by a leading to point out. ■ 


Short Commons 

Time to stand up and be 
counted in the Commons today 
for Tory rebels ■ on the ques- 
tion of unemployment pay. So 
far 24 backbenchers have 
signed the amendment to the 
Finance Bill which, would re- 
store tbe 5 per cent cut in Lhe 
real value of unemployment 


Men & Matters 


rotten for making trouble for company was being run. With 


him. 

Illness, meanwhile, looks like 
taking a further toll of the 
rebellion. Sir Ian Gilmour, 
former Lord Privy Seal, is 
apparently laid low with gout in 
a toe and Christopher Fatten 
(Bath) is recovering from an 
operation. And the party whips; 
in their mysterious ways, were 
last night busily trying to 


that, they departed. 

Sir Hugh, who retires as 
chairman of the group next year 
although he" will remain., a. 
director, said “ quite a few other 
companies who are in tins sort 


appointed to a new portfolio of 
constitutional development. 

The detail of .their: disagree- 
ment - is • not known. Close 
observers of. Jhe Kremlin-like 
workings of .the South African 
government may dismiss any 


benefit made last year in lieu persuade others to keep their 
of taxation. heads down. 

The list of signatories reads 
like a roll call of the wet and « . ' 

worthy. It is headed by Jim. n§Q GOl)CGri1 


of situation have been in touch suggestion that Mr Heunis can- 
witb u*.” Who, he would not not keep up with Worrall’s 
say. As for Dame Bridget: “I - espousal of «uch esoteric pro- 
have worked a£l my life in the posals as “ consociations! demo- 
Savoy.” she said, and seemed cracy "as a sola tion to the racial 
disinclined to give it up now conflict in South Africa. - 
for the sake of 73-year-old Lord 
Forte. 


Lester, the former j'unior em- 
ployment minister dropped by 
Mrs Thatcher, and includes 
Patrick Cormack (Staffs SW) 
and Charles Morrison (Devizes) 
who showed incipient signs of 
dampness long .before the con- 
dition became fashionable with 
the 1979 intake of MPs. 

But there are some notable 
omissions from the list 
Ambition is a powerful force 
m the Tory Party and some of 
the younger wets who once 


I always thought it was impolite 
to inquire too earnestly about 
a lady’s age. Yet there we 
in 


Battle lost? 


A more serious suggestion Is 
that Worran prefers a single- 
chamber parliament containing 
representatives of.: all three 
minority racial., groups— -the 


majority blacks ' remain wholly 
excluded — while "Heunis is be- 


The lobby which has maintained 
all were vesterdav in the' that racial conflict in South 

■mmTuSVii. public *«»«-■«■ -h- !** s ra ™ ur separate 

pronoimcement that Dame ^ - ■ Whatever the truth. Worrali 

Bridget D Oyly Carte *s 74 and su “ erc “ a se ^ „ _ . appears to have lost Ms battle to 

the chairman of her board. Sir Dr "Denis Worrali, the man "be an English^speakms academic 
Hygh Wontner, is 73. Where most responsible for- the ruling ^ heart of Afiikerandom. 
will it all end? ■ NafflUmal Party’s proposals to . 

The problem arose at the bring non-whites into hitherto — 

group's annual general meeting all-whites ' institutions , like ^ - •>« i_ ■ 

during their rejection as direc- Parliament, and even the IMO WmlGWcISll - 
tors of the company. Those Cabinet, is being packed off . to No l anj. assured, of 


could have been relied upon directors seeking re-election. • Australia as ambassador, 

J “ lu I ■.■LiHka ™ T_ _ m-m ^ a. .* • 1 ... .... _ ■ 


to defy tile whips but have now 
become parliamentary private 
secretaries, like John Watson 
(Skipton) and Keith Speed 
(Ashford), will have to choose 
between -career and conscience. 


and who are over 70, axe 
obl/ged under the Companies 
Acts to include in the resolu- 
tions their actual age. 


to,SthorSSrS -?* *£** ^ 

SitiTeSoiith AfrkSn Press establishment getting away with 
lional committee of the Presi- 

Sir Hugh and Dame Bridget, dent’s Council, Worrali. was Coiiene 81 ^?^ " dLme 

after ^ boaTd had taken expert the principal author of the first SjJjSL- *25? 1 SSft 

If they feel (uncomfortable legal advice, coyly mentioned report of the council published s?l21 

supporting the Government that-they were over 70 in the in.May as. tbe basic text of the it w^ 

today, their discomfort is noth- resolutions. The move brought' government-launched debate on-.'JJJ; r ; ,r™ ' 
ing to that of Barney Hayhoe, down the polite wrath of -Trust- a new political and constitth .^ w^e to ^ea^e 4W 

the Treasury Minister charged house Forte, the group’s largest tioiutl arrangement ■ between Yf Mer *£ 

with responding for the Govern- shareholder with an effective whites. Coloureds and Indians- ••ntuipmath *> “ . 00 ■ ■;^ ter 

ment to the debate. per cent voting stake. A political scientist, lawyer una -. n * 

_ . . lhe foow-de-do was resolved and academic, before he became " ■ • 

Hayhoe is the one fully paid- yesterday. The Savoy did lhe a politician, Worrali has also 

2F we i„2; • A decent thing and went back to been an international .public. Of course, 
these days. _ AHeatiute and shareholders with newly-worded relations man for the concept Y U ; J9C . 

close ally of ^rthera mm aa resiflutioos and Dame Bridget of reform- coming from withm From the house magazine of. 

Secretory Jun Pnor^e got mto ^ sir Hugh were confirmed , the ruling party: he has been ■£J. 1 l ewr Yoj * f <md dwnpany: 

je Treasury through the back in office, rnisthouse Forte .the., acceptable face of white showed Improvement 

door when it took over the .abstained. Representatives from minority .rule for many, a <rtrer year but some items 
Civil Service department. Lord'Forte’s group, which would distinguished foreign, visitor to .failed to attract adequate 
.Shrewd Mrs T could hardly like to run the Savoy, said after- Cape Town. demand representatives who -] 

have made a better cboice as wards: “ We didn’t want to vote • ' But there have- been persis- "jF J ®d : to sell our new tinned 

her defender on this occasion, against Sir Hugh. We just tent reports of tension between '**® r pa . t ®. we Je unanimous in 

As one potential rebel says: wanted to point out the ■lrregu- Worrali and Chris Heunis,' the their opunon that it was a dead 
“ He’ll be so nice and apologetic larities to shareholders.” powerful Cabinet Minister and duck before it started;” . 

about the whole business that The matter, they felt, was confidante of .. the Prime C^bS€TV€F 


he'll manage to make us feel “ symptomatic of the way the Minister, who last week was; 

f ' 

i ‘ ' -J 



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HearesendmedctaascfMkroEXSTAT 


Name. 


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^ W.HB HH Ml aMMlTHB MW ’ ’ J 

■ ■ •/ .- 


Flii'ii, etc.. 
Address- 


ftiwy—— - a pi- 







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inv 


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, 






IX’ik. . tK 




The great debate on Current Cost Accounting 


The managers’ 
point of view 


From the Chatman a?ict 
Chief Executive, Allied Lyons 
Sir. — Judging, by the recent 


m 


that this issue is being fought general index. It seems to me Nnt the same as 

within the accountancy profes- axiomatic that business mans- . zr . “ 

sion because it is those who gers should report to their • infl ation accounting 

have the. responsibility for shareholders in the same terms p rniT) M R n Halford 

managing business who should as they use for making their sir --The correspondents _ 

* bMiness decisions. and thls pro- letters c6hunn 

- - . — With whatever imperfections . vides IheTOam. reason for rejec.-. l fm f njtp co» Account- 

correspondence there seems to it mayHiaye,*SSA^16 dpesrior tlon .of CPE..* . " - ’ V • Sf ?a uSlTour«^f 

be some confusion as to the maw types^nf businew; ; .throw • We must ■ seek ^solutions infonnation) with iofa- 

S <f U w — 811(1 on. .-the real, effects'- of . primarily- from experieuce with tion' accounting (highly inrpor- 

jS5S5f_ Ix •* mc0ft? ^fwigiog prices and R is,. there- management accounts where umt infonnation for investors), 

ec iv able that there can be many -ipre,.as.-a management. tool- that current costs are used in many Vr Grensid? (letters column 

who now believe that historical: the current ..cost adjustments ^ f or many ■ purpose July a serriorand S?5 

SritfKSTt S" pr0Tide t * ^.depredauoo and working 2£ not iSlTanti^S 

a * s p I * 11 ® 1 m ^i e i e TV 1 J current costs into: Profit and ing profession knows very well 

t0 ? us P*i? s t S JW 7 ’ . cash budgets?) It is my belief the two are not the same 

enterprise through most of the-^July 7 . yon suggested - the po$- that thb : disdolme of SSAP' 16 «m) that ccap-lfi is a mnw>li- 

post™ era of continual and., Ability of reviving- the cur££ J? itoSdthov^and 

prices! 11105 ’ rapidjy changlns 2^W£'id‘ fTtoldJBSS acpe™®Dt and' many lessons Nevertheless, SSAP 16 is the 

p I see that the Cnimrii rtf tha have been learnt including nearest we have been able to 

riwrife! L”3f 016 h Ul0se have led to the approach to a workable system 

tSS of accounting for changing 

’Sfff of business. For the prices. Such a system should 


against the resolution to be put trend .-but it has two serious- nN.h«:i nn - ♦« 

at the pedal meeting- on July disadvantages. First, indexing S£J?1he whohf^rocess ^bv 
29 on the need to complete the the balance-sheet produces num- £f,5£!.® e .rL W «?J e 
planned experimental period here, that have no' relationship 

and review and hot to stop in tef actual values. - Secondhand would be deplorable. If ttis 

mid-stream. This must' be mor§ -important/ CPP contrf- J® ***£* it cam J*** 

bates nothing to' the managed™ _ one more . step towards 

ment of the business where It 
is necessary to consider the 
actual price changes on inputs 
which may be totally different 
from those indicated by a 


sensible but, surely, it js more 
important to concentrate oh the 
merits or otherwise of current 
cost accounting itself and by 
this 1 do not mean SSAP 16 as 
it stands. In a way it is a pity 


legislation in. place of standard 
setting by consent 
Derrick Holden-Brown. 

Allied House. 

15G St John Street, EC1 


Disclosure of 
votes cast • 

From Mr Daoid Baynes ‘ 
Sir, — . I wonder if. amid the 


Benefit to those 
who use accounts 


current debate on SSAP 16, the 
ethics of official disclosure of - Haslam 
voting patterns before closure 
of polling has been considered. 

While it may be far-fetched to 
suggest that such disclosure will 
affect the final result, there is 
little doubt that some prospec- 
tive voters will -be influenced on 
whether to vote or not and even 
which way to vote-. 

Imagine the day of the next 
General Election if the BBC 
nine o’clock news revealed that 
votes counted so far suggested 
Mrs Thatcher’s parly was lead- 
ing nationally by a few. hundred 
votes. Would her otherwise 

apathetic opponents put on their 

coats and dash to. the polling- the 
booths before they closed . at 
10 pm? 

It occurs to me that- disclo- 
sure. of votes cast' so far might 
be a subtle- rallying call to pro- 
institute members to make their 
votes and swing the result the 
other way. 

David Baynes. 

20. Pigeon Farm Road, 

Stokenchurch, 

High Wycombe, Bucks 


accounts, whereas it is the 
perogative of management to 
decide the best means of allow- 
ing for inflation in information 
generated for internal consump- 
tion. 

It is doubtful whether suf- 
ficient feedback from users, as 
the members of the Institute of ’ to the utility of current cost 
Chartered Accountants in information, has been gathered goodbye 


From Mr Daoid Dixon 
Sir,— I should like to comment 
on the message sent from M. N. . 
and K. B. rfeymer to 


ideally have been introduced 
over 30 years ago. The simple 
and effective system that was 
intended to be introduced about 
10 years ago was sabotaged by 
the Government then in power. 
To reject SSAP 16 now would 
be a surrender to tibat sabotage. 
SSAP 16 needs to be modified 
and simplified but it should not 
be rejected, as is now proposed. 
I Intend to vote against the reso- 
lution being pat to the Institute 
of Chartered Accountants 
England -and Wales on July 29 
and I hope that a majority of 
members will do the same: . 

ML B. D. Halford 
5. Cannon Place,' NW3 


Happy to say 


England and Wales, urging them 
to vote for the withdrawal of 
SSAP 16. 

A main plank of their plat- 
form appears to be that current 
cost accounts do hot assist com- 
panies in decision making. This 
ignores the point that published 
accounts are not primarily 
designed to assist managerial 
decision making, rather to 
provide information to the 
various users of such accounts. 
It is the preferences of these 
users which should influence 
content of published 


and for this reason, the SSAP 16 
experiment should be allowed 
to run its allotted term. In the 
intervening period, the Account- 
ing Standards Committee should 
••insely monitor the views of th* 
users and present this informa- 
tion for the consideration of the 
members of all the accounting 
bodies comprising the Account- 
ing Standards Committee. - 
David Dixon, 

68 Maypole Road, 

Ashurstwood, 

Nr East Grinstead, 

West Sussex 


Hbw the ftaitdards 
are set 

From Mr R. I. TricJter ■ 

'■ Sir,— Two quite different 


dimensions stand out . in the 
discussion of the inflation . 
accounting standard (SSAP 16) 
in your columns recently. 

On the one hand there is a 
legitimate interest in the effects 
of the standard itself: on the 
other hand concern is being 
expressed about, the processes 
by which accounting standards 
are set. 

Britain is the- only major 
member of the European Com- 
mittee in which accounting 
standards arc not. set by the 
processes of law. In the U.S.. 
they are prescribed by the 
Federal Securities add Ex- 
change Commission. We would 
be unwise to ignore the signifi- 
cance of the uniquely British 
phenomenon by which profes- 
sions are allowed to regulate 
the public impact of their 
subject 

Anyone reading the argument 
of those seeking to have SSAP 
16 withdrawn immediately 
might believe that it had been 
imposed on all enterprises in 
perpetuity — and not on merely 
5.000-6,000 large companies for 
an experimental three-year 
period. 

Surely the real Focus of atten- 
tion ought to.be on the criteria 
bv which the standard is to be 
judged at the end of the trial. 




Martin Haslam (left) and David Keymen chief opponents of OCA. 
Will SSAP 16 bite die dust on jufy 29? 


accounting standards lies with 
tiie councils of the six-member 
bodies that form the CCAB. 
Given the interest in SSAP 16 
it is surely unlikely that they 
will ignore cither the coxhmer 
rial, economic, social or politi- 
cal implications of any decision 
about the future of the stan- 
dard.. _ _ 

With this in mind it must be 
inappropriate for members of 
the .Institute of ( Chartered 
Accountants in England and 
Wales to vote to withdraw the 
standard immediately, thereby 
removing for ever the' oppor- 
tunity to know what the impli- 
cations of inflation accounting 
in: Britain really are. ■' 

R. I. Tricker, 

Director, 

The Corporate Policy Group. 
Nuffield College, Oxford, 


membership of the Institute of 
Chartered Accountants in 
England and Wales delineates 
the boundaries of what he 
describes as the “ accountancy 
profession.” 

Many other commentators 
regard the ‘•accountancy pro- 
fession ” as comprising the 
constituents of the Consultative 
Committee of Accounting 
Bodies (CCAB) which consists 
of five other chartered bodies at 
accountants in addition to 
ICAEW (which is certainly the 
largest numerically). Other H is torical 
groups which are not members 


From Mr H. K. C ulham 

Sir, — If your leading article 
on Wednesdav July 7 is correct 
in its forecast of the outcome 
of the vote on SSAP 16 then 
will be glad to say “Goodbye 
Current Cost Accounting." 

It has always been my view 
that whilst CCA is an extremely 
valuable management tool, in 
product costing and pricing it 
is too complex, speculative and 
even open to fraud to be used 
in Company Reports. 

On the other hand the share- 
holder has a right to some pro- 
tection and information on the 
impact, of inflation on his 
Balance Sheet 

A simple and more rigid 
solution should therefore be 
sought Since we have already 
become accustomed to using an 
inflation Index for Inventory in 
our tax computations this is an 
approach that I am sure could 
win support if also applied to 
shareholders’ equity. 

My recommendation would be 
for the creation of a non- 
distributable capital reserve 
generated by applying * statu- 
tory inflation index against the 
shareholders’ equity (excluding 
retained- earnings) as at the 
beginning of the year. The 
capital reserve would be part of 
the shareholders’ equity and 
represent a charge to the profit 
and loss account. 

If such a charge was allowed 
in the tax computation the 
advantages would be: (a) 
Simple to account for; (b) 
Index-linking of shareholders* 
equity; (c) Incentive to ensure 
companies are adequately 
capitalised; (d) Restricting 
distribution of inflation (paper) 
profits. 

In conclusion one could say 
that if the equity was adequate 
at the beginning of the year 
by inflation indexing, it should 
be adequate at the end of the 
year if all other factors remain 
the same. ' ‘ 

H. K. Culham. 

Eatons. Sondisplott Rood. 
Maidenhead. 


of CCAB would probably also reporung 
regard themselves as part of From MrJ. M. 
the accountancy profession — for 1 * n yoar 


in 


What are the implications for Noting rights 


all of the many users of account- 
ing reports? What has been the 
impact on reported profits? How 
do needs wry for businesses of 
different sizes, types and indus- 
try, and so on? 

The sovereignty for setting 


on SSAP 16 


Sir,— The amusing attempt by, 
Lex' to draw parallels between 
Aslef and ICAEW is flawed by 
his over-simple assumption that 


example the Association of 
Corporate Treasurers.' 

I emphasise that the current 
vote about SSAP 16 is confined 
to members of ICAEW in the 
hope that, the analysis of issues 
involved which has beat offered 
by Lex during recent weeks is 
more accurate than his defini- 
tion of the “ accountancy 
profession." 

John C. Shaw. 

10 Belgrade Crescent, 
Edinburgh. 


favour of CCA, you state that 
in the Stock Market CCA earn- 
ings have usually been found 
to be a better guide to the 
underlying performance of com- 
panies than the HC equivalent 
Why is it therefore that the 
Financial Times in common 
with the rest of the financial 
press concentrates almost ex- 
clusively on the HC profits in 
reporting and commenting on 
companies’ results. 

J. M. Astfll, 

29 Heston Road, 

Heston, Middlesex 


_ — cigarette manufacture— raw 

The benefits tnat material Stocks must be held 

, £|_ wa J for about IS months. On average 

nave Iioweu we ojjiaiu credit from our 

From the Chairman, suppliers for about 45 days and 

Carroll Industries .we give to our customers about 

Sir.— My company has adopted ^ days » credit. 

Current Cqsl Accounting analysis showed that 

principles for both its mana ^\ strategic planning involving 
ment information systems ana ^^.year budgets with general 
published Accounts since p^ce levels changing at the rate 
1976. It might be helpful m of a]jom 20 per WDl pgr annum 


extent to which the board the reporting systems both 
chooses to finance part of the internally and externally, since 
net operating assets by means it became dear that the neces- 


other than shareholders’ equity. 

In so far as management 
information was concerned, this 
enabled us for the first time 
to be able to compute validly 
costs associated with the em- 
ployment of assets of varying 
kinds, and enabled us to cany 
out market segmentation 


5 ary confidence would not exist 
so long as we were reporting 
publicly according to different 

criteria. 

There is no doubt iu my mind 
that the most difficult part in 
the exercise was not the prepar- 
ation of Current Cost Account 
ing data. On the contrary, it 


the present controversy to have ^ utter j y useless for deter- analyses by reference to capital was learning how to use it for 


an advocate of the system, with capital employed and 

considerable experience m ns ca ^ flow ^ j on g as we -sought 
use, explain the reasons for ns l0 matc h. as the Historical Cost 
adoption and some of the Conven tion does,, original costs 
benefits which have flowed from g« a i ns t sales revenues. And 
"It. when inflation is as high as 20 


employed, as a result of which 
we Changed our , marketing 
priorities. 

In addition to tills and being 
the market leader in the indus- 
try iu Ireland, we took a diff- 


In eariv 1974, faced with the ^ cen t jt is insufficient to erent view about the kinds of 


the purposes of more effective 
market segmentation, higher 
productivity and higher profit- 
ability. 

I should perhaps point out 
that we had sought to use and 
did publish infonnation pre- 


realisation that our borrowings match replacement cost at date profitabi li ty which were nec ® s * pared according to current 


were constantly increasing 
despite the fact that we had 
a successful and apparently 
profitable business, we decided 
lo employ a firm of management 
eqnsuitauts, " rather than 
accountants. . to examine wtn 
us the management information 
hvs terns in the company to 
establish whether or not signifi* 
levels of inflation could 


of invoice. We demonstrated to 
ourselves the need to,, be able 
to measure the net circulating 
assets employed in the business 
at time of sale. 

This led us to the quite simple 
view that as a going concern 
the entity must earn from its 
sales revenues sufficient to main- 
tain intact over the cycle of 
their life not only the fixed 


sary from different market 
segments. The result has been 
a material improvement in the 
profitability of the company 
and a significant- strengthening 
in those segments of the market 
which it regarded as of priority. 

There is one extremely im- 
portant point which I would 
make arising from all of this. 
Management information is used 


but also the circulating 
assets required to support the 
sales volume. These circulating 
assets we define as stock plus 


managers, - most particularly 
those concerned with long-range 
marketing strategy. It is not 
necessary for them to know how 
the information is computed. 


result *tn C manageraent informs- assets required for production in the main by non-fin andal 

lion of i grossly misleading - ’ ” * 

kind. W* found, of course, that 
it did.. , 

This despite the fact that we _ 

had for quite a number of years debtors ) ess creators 
adopted a modified Historical The profit of the going con- 
Cost. Convention in which the cern — the BWrJ'JJ 
fixed assets were revalued every resulting surplus. Profit attnbu^ 
three vears. able to the shareholders is a 

1? the nature of our business- different matter arising from the 
- - -=• ; • .. • t 


purchasing power principles in 
the two preceding years. We 
rejected this because it was 
quite useless for commercial 
decision-making. 

Iu conclusion may. I say that 
we would fully subscribe to the 
argument that Current Cost 
Accounting is not a method of 
inflation accounting. In our 
view it is the only method of 
accounting which satisfies two 
of the four fundamental 
accounting assumptions, namely 
the going concern and the 
matching principle which can 


What is necessary is that they permit effective cash-flow man- 
have confidence in it Having agement 
satisfied -ourselves of the tech- D, Carroll 
nical validity of the information ' Grand Parade, 
i! was necessary to change all Dublin 


The honest broker 


SR JAVIER PEREZ de Cuellar, 
tile Secretary-General of the 
United Nations, arrives In 
Britain today as part of his first 
major overseas trip since he took 
office. on .Januaiy *■ 

-The trip, which began more 
than two' months ' ago. was 
interrupted by events in the 
South Atlantic and in the Middle 
East which required his presence 
at UN headquarters in New 
York. 

It has been a bad. summer for 
the UN. First, the Argentines 
thumbed their noses at the 
Security' Council's mandatory 
Resolution 502 and consolidated 
their grip on the Falklands. 
Then., the Israelis literally 
brushed aside .the UN peace- 
keeping force In Lebanon and 
attacked Beirut. 

It says much for the man who 
most personifies the UN that he 
emerged from both debacles 
with his standing undiminished, 
even enhanced. 

For he turned what might 
have been utter humiliation for 
the UN into a challenge to its 
most powerful members: if you 
want the job done, you must give 1 
us the tools. 

That the UN lacks the 
necessary authority to pre-empt 
even foreseeable conflicts — an 
authority which depends on the 
political will of the permanent 
members of the Security Council 
—was never mbre forcefully 
demonstrated than by the recent 
events In Lebanon, 

For, thanks to U.S. military 
intelligence and the observations 
of the UN forces themselves, 
Israeli intentions were widely 
suspected a month before the 
invasion took place. Throughout 
that month, according to senior 
diplomats at the UN, intensive 
behind-the-scenes negotiations 
w-ere pursued with the Israelis 
and the Palestinian Liberation 
Organisation. » 

Sr Perez de Cuellar, they say. 
was at different times in con- 
tact with both Mr Yassir Arafat, 
the PLO leader, and Mr Mena- 
hem Begin, the Israeli Prime 
Minister, urging the PLO not to 
give the Israelis the pretext 
they appeared to be seeking, 
pressing -the Israelis to hold 
back. But it was all to no avail. 

Sr Perez de Cuellar, 62, is no 
stranger to the vicissitudes of 
UN diplomacy. 

As the UN special emissary 
on Afghanistan, he shuttled for 
nine months between ' Moscow, 
Rahul and Islamabad — making 
little progress, but no enemies. 
And, as the UN’s chief 
observer at the Zimbabwe elec- 
tions, he won golden opinions 



Sr Javier Perez de 
Cuellar' (left) , who ... 
arrives in London 
today, is likely to 
remind Mrs Thatcher 
that, as UN Secretary- 
General, he has a 
mandate to resume 
talks about the 
Falkland Islands and 
may ask Britain to 
return to the negotiating 
table soon 


from the British for scrupu- 
lously fair reports. 

He emerged as a somewhat 
reluctant compromise candidate 
for the post of Secretary- 
General. following a hard-fought 
battle between Dr Waldheim 
and Mr Salim Salim of Tan- 
zania. 

But those who see him as 
something of a soft touch may 
be underestimating his tenacity. 
He is a quiet man, a great 
reader, a minor poet who loves 
music and painting. 

So it 5s surprising to hear 
him say that of all his predeces- 
sors he most admires Dag 
Hammarsfcjoeld. whose 

attempts to bang UN heads 
together in the 1950s and early 
3960s proved that member 
states can be pushed only so 
far. 

Sr Perez de Cuellar will not 
talk directly about the twin 
crises which have preoccupied 
him in the past few months. But 
on the frustrations of his own 
position he is less reticent. “I 
ctmrrot even mediate, in itie 
sense of one who presents his 
own proposals .** he says. " All I 
can do is convey the proposals 
of one side to the other. An 
honest broker if you like.” 

The Secretary-General's 
handling of the Falkland crisis, 
though it failed in the end, won 
him many friends on the 
British side. Even those who 
admit privately that he pushed 
them closer to the Argentine 
position than they found com- 
fortable, admire the skill with 
which he- did it. 

However, Sr Perez de Cuellar 
is not coming to London to 
indulge in mutual congratula- 
tions and his meeting with the 
Prime Minister may not be cosy. 


For he does, not believe the 
UN’s role in the Falklands saga 
is over, and he is likely to tell 
Mrs Thatcher as much. 

"I still have a mandate to 
re-open the negotiations and I 
am entitled to ask the British 
Government to return to the 
negotiating table,” he says. 

' “At this stage the British 
are not prepared to talk about 
sovereignty. They feel the dust 
should settle. I don’t regard 
that as a negative attitude. But 
1 must work on the basis that 
they will consider negotiations 
in the future. I imagine Mrs 
Thatcher realises that the Falk- 
lands will be a constant source 
of concern to Britain — at such 
a distance from the UK, so close 
to Argentina." 

Sr Perez de Cuellar is un- 
likely to press the matter or 
issue demands. That is not his 
style. He is a great believer in 
the importance of timing and 
the need to avoid confronta- 
tions. 

The weakness in his position, 
and he does not underestimate 
it, is the absence of a strong 
and credible regime in Buenos 
Arnes. This was a major factor 
in the earlier negotiations when 
be was dealing with the Argen- 
tine Junta headed by General 
GaltierL 

For, according to UN head- 
quarters in New York, the 
members of the Junta were new 
to diplomacy and gave more lee- 
way than was realised at the 
time to Sr Nicanor Costa 
Mendez, the Argentine Foreign 
Minister. He. it is now believed, 
was the hardliner who resisted 
an offer which would have given 
the Argentines threequarters of 
what they wanted almost 
immediately, and most of the- 
rest over the next two years. 


For reasons of protocol, Sr 
Perez de Cuellar was unable to 
negotiate with Sr Costa Mendez 
and unable. . because of their 
lack of coherence, to make much 
headway with the members of 
the Junta. 

■ The Secretary - General’s 
critics say his caution reveals 
a lack of courage. “ I have great 
moral authority — -like the Pope 
—and not many more divisions,” 
he replies drily. “ My divisions 
are witnesses. They are effective 
only so long as the parties 
behave. '• 

No doubt Sr Perez de Cuellar 
would have preferred to have 
had mure effective military 
forces at his disposal when, the 
Israelis invaded Lebanon. But 
the UN peace-keeping forces 
are not regarded as a fighting 
force — indeed after the invasion 
one ambassador rushed in 
anxiously to demand of the 
Secretary-General, “ What about 
my boys ? " 

The Secretary-General would, 
of course like to be more inde- 
pendent of the Security Council 
and to see the UN strengthened. 
A recent report of the Indepen- 
dent Commission on Disarma- 
ment and Security Issues, 
headed by Mr Olof Palme, the 
former Swedish Prime Minister, 
urged that both the Secretary- 
General and the Security Coun- 
cil be given more scope to pre- 
empt foreseeable conflicts 
rather than being confined to 
mopping up operations. 

But that would require a vir- 
tual re-writing of the UN Char- 
ter and the lobbying involved 
may well be beyond even Sr 
Perez de Cuellar's considerable 
diplomatic skills. 

In the meantime, he appears 
determined lo boost morale 
within the 18,00 0-strong Secre- 
tariat and to make it truly inde- 
pendent, rather than a rejection 
of the majority view in the 
General Assembly. He has also 
underlined his own indepen- 
dence by staling clearly that he 
will not seek a second term of 
office. This has endeared him 
to many UN officials, who re- 
sented what they considered 
overt electioneering by Dr 
Waldheim. 

Though Mr Hammarskjoeld is 
now revered at the UN, at the 
time of his death he was barely 
on speaking terms with most 
members of the Security Coun- 
cil. However, all of them seem 
to get on well with Sr Pern de 
Cuellar. 

That may say a lot about his 
perception of (he art of the 
possible. . It may, on the other 
hand, say even more about their 
perception of the role of the 
UN. 












[ 3(30 





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V 






16 

Companies and Markets 


Financial Times Tuesday July 13 I9S2 


UK COMPANY NEWS 


Rank down £7m 
in first half 


FIRST HALF taxable profits oE 
the Rank Organisation fell by 
£.7 Sim to £36.6ra following a 
sharply lower contribution from 
the Xerox companies of £3S.4m, 
compared with a restated 
£46.9m. Other associates' profits 
were little changed at £3.7ra. 

Although stated earnings per 
25p share dropped from an ad- 
justed 10.6p to 7.7p the net 
interim dividend is being main- 
tained at 4.8p— a total of lO.Sp 
was paid previously from pre- 
tax profits of £1 02.7m. 

Turnover for the 28 weeks, 
covering the period to May 15. 
1982. moved ahead to £262m 
( £246.7 m) and at the trading 
level profits expanded to £11.4m 
(£7.1m) before interest charges 
of £16.9m (£14.1m). 

New chairman, Mr Russell 
Evans, says there are now clear 
signs that discretionary spend- 
ing will be down compared with 
last year and that this will 
adversely affect the perform- 
ance of the group's leisure and 
holiday interests. 

In addition, the deep reces- 
sion in Australia is increasingly 
affecting operations in that 
country and he warns that in 


the circumstances there is tittle 
prospect for overall growth in 
the group's trading results in 
the current year, despite 
unproved performances in some 
divisions. 

The chairman says that imme- 
diate • outlook for the Rank 
Xerox companies, which are 
owned jointly with Xerox Cor- 
poration and which manufacture 
and market xerographic copiers 
and duplicators as well as other 
business equipment, must also 
be conditioned by the effect of 
continuing competitive pres- 
sures and the depressed 
economic environment. 

Taxable profits of A. Kershaw 
and Sons, in which the Rank 
Organisation has a 82 per cent 
interest, declined from £2.31m 
to £2. 13m for the 28 weeks to 
May 15. Earnings per share 
slipped to 5.2Sp (5.53p). 

At Rank Precision Industries 
(Holdings), where Rank has a 
95 per cent stake, profits before 
tax dropped from £27m to 
£23.1m for the 28 weeks on turn- 
over of £23.8m (£25.4m). The 
contribution from Rank Xerox 
fell from £23. 5m to £19.2in. 

See Lex 


DIVIDENDS ANNOUNCED 




Date 

Cmre- 

Total 

Total 


Current 

of 

spooling 

for 

last 


payment 

payment 

div. 

year 

year 

Amersham 

2.1 

Sept 3 

1.34 

3.5 

1.68 

D. F. Bevan 

0.75 

Octl 

0.6 

1 

0.85 

Carclo 

2.6 

Sept 3 

1.3 

3.9 

2.6 

Energy Fin 

0.71 

— 

0.65 

1.31 

1.25 

Lennons 

1.8 

— 

1.65 

2.65 

2.4 

A. Monk 

2.5 

Aug 31 

1.75 

3.5 

1.75 

Murrav Northern 

1.35 

— 

1.25 

1.95 

1.S5 

Murray Northern .. 

.int. 0.6 

— 

0.6 

— 

1.95 

Peerless 

4J2 

— 

4.2 

6.3 

6.3 

Rank Org 

.int. 4.S 

Nov 1 

4.S 

— 

18.3 

Ratners 

1.63 

— 

1.63 

2.3 

22 

Shaw Carpet-s 

0.1 

Aug 27 

1.5 

0.1 

2 

STyndall Overseas 

14 

Aug 31 

17 

24 

25 

Western Board ... 

4.5 

Sept 23 

42 

6.5 

5.9 


Dividends shown in pence per share net except where other- 
wise stated. * Equivalent after allowing for scrip issue, t On 
capital increased by rights and/or acquisition issues. tUSM stock. 
$ Gross throughout. 


NOTICE 

CANON ING. 

Re: TT-SL Dollar Convertible Debentures 

due December 31, 1994 and adjustment of con- 
version price to be made as a result of the issu- 
ance of new shares of Common. Slock for free 
distribution. 

As required under Section 3,05 of the Indenture 
(the ‘‘Indenture”) dated as of August 15, 1579 
constituting the Convertible Debentures, a notice Is 
hereby given that with respect to the issuance of 
new shares for free distribution resolved upon, at 
the meeting of the Board of Directors held on June 
2, 1982, the shareholders appearing on the register 
of shareholders of the Company as at 3:00 pjn- on 
June 30 (Wednesday), 1982 (Tokyo time) (the 
record dale) have been allocated one CD new 
share issued on July 1, 1982 foe ‘each ten (10) 
shares owned, and as a result of such issuance of 
new shares for free distribution, the following ad- 
justment of the conversion price has been made 
pursuant to Section 3.04(A) of the Indenture: 

1) Current conversion price before 

adjustment: Yen 5571) 

2) Conversion, price after adjustment: Yen 5055 

3J Effective Date of the adjustment 

(Tokyo time): July 1,1982 

CANON me. 

RyuzaburoKaku 

President end. 

Representative Director 

July 13, 1982 


Ratners 
profits 
slump to 
£891,000 

SECOND HALF pre-tax profits 
of Ratners (Jewellers) dropped 
from £1.6Sm to £657,000 and left 
the figure for ihe full year 
ended April 6 19S2 well behind 
at £891,000, compared with a 
previous £2.22 m. 

The dividend Is maintained, 
however, at 2.3p net per lOp 
share, with a same- a gain final 
distribution of 1.63p. 

Sales for the year went ahead 
from £24. 11m to £ 25.3m. The 
directors say sates in the current 
year so far are similar to 1981- 
1882. but with no sign yet of 
economic recovery, they find it 
Is not yet possible to give au 
Indication of the outcome for 
1982-83. 

Profits for the year were after 
interest charges, down from 
£326,000 to £239,000, but were 
subject to tax of £317,000, 
against £397,000. 

Net profits amounted to 
£574,000, compared with £1.83ra, 
and there were profits of 
£512,000 (£172,000) on a 

property sale. 

Earnings per share are shown 
as being 4.21p down at 1.93p. 

The directors are confident of 
the group's future, and are con- 
tinuing to take the opportunity 
of gaining representation in 
centres that have proved to be 
more difficult in the past. 

Thus there were branch open- 
ings during the year at Basing- 
sfoke, Harlow, Guildford, Worth- 
ing and in Regent Street, 
London, the directors say. 

They add that all are trading 
at a satisfactory level and have 
good prospects. Further proposi- 
tions are being actively 
considered. 

• comment 

The uphill struggle of the retail 
sector against poor demand and 
last winter's freezing weather u 
now a well worn theme. But the 
bad figures are still coming in 
as evidenced by Ratners where 
profits in the all important 
second half fell by over £lm. 
Two years ago Ratners was pro- 
ducing nearly £3jra profit a year. 
For jewellers the run up to 
Christmas is of course vital and 
last year that selling season was 
so poor tbat the company. In 
common with many others, 
entered January well over- 
stocked. Margins were slashed to 
keep sales moving and the gold 
price just aggravated the prob- 
lems. Moreover the Increasing 
fashion element in jewellery, in 
particular watches, heightens 
the urgency of moving stock 
almost regardless of price. And 
it is fair to assume tbat Ratners 
had not cleared its lines by the 
year-end so the company could 
slip into the red during the 
current half year. But Christmas 
'52 should be better— in terras of 
weather it could hardly be worse 
— and there is reason to believe 
the comer is being turned. How- 
ever the price may tend to drift 
until the next set of half-time 
figures are out of the way. At 36p 
the yield is 9.6 per cent 


£73m deal looks set for a smooth passage. Charles Batchelor reports 

Dunlop’s second major disposal in Malaysia 


SPAIN 

Price 

Juty 9 % -for- 

Banco Bilbao 310 —6 

Banco Central 249 -6 

Banco Exterior 224 —2 

Banco Hisoeno 285 -6 

Banco Ind. Cat 107 —1 

Banco Santander 284 —4 

Banco Urquijo 163 —3 

Banco Vizcaya 31B -6 

Banco Zaragoza 233 

Dragados 91 ‘4-5 

Espanola Zinc .._ 83 —3 

Fecsa 53.7 -0.8 

Gal. Preciados 26 

Hidrola 55 7 -OB 

Iberduara 43 —1 

Peiroleos 70.7 .+0.2 

Peiralibar 91 

Sogansa 5.5 -0.5 

Telefomca 64.5 '+1.5 

Union Heel 54.0 -0.5 


DUNLOP HOLDINGS took two 
months to sew up the sale of 
its last direct Malaysian holding 
to Pegi Malaysian Berhad. 

The Malaysian Capital Issues 
Committee, a semi-government 
agency, slili has to vet the deal 
but Dunlop hopes approval will 
be given before the end of ihe 
year. 

This deal, Dunlop hopes, wiil 
provoke less controversy than 
the sale, last September of Dun- 
lop Estates, its plantation com- 
pany. 

Dunlop's remaining 51 per 
cent holding in Dunlop Malay- 
sian Industries is to be taken 
over by Pegi Malaysian Berhad 
for £73m. Pegi. a publicly- 
quoted company in Malaysia, is 
seen as a vehicle for buying 
into multi-national companies 
with operations in the peninsu- 
lar. 

In contrast, Dunlop Estates 
was sold to Pegi and Multi- 
Purpose Holdings. MPH Is the 
financial arm of the Malaysian 
Chinese Association, which is 
the Chinese partner in the 
government. 

The Chinese Involvement in 
the Dunlop Estates deal pro- 
voked the charge from Dr 
Mahathir Mohamad, the 


Recent sales to Malaysia by British companies: • 

June 1932: Permodalan Naslonal (government Investment 
agency) pays £147m for control of Harrisons Malaysian 
Estates. 

October 19S1: Permodalan acquires 6 per cent holding in 
Amalgamated Metal Corporation. 1 

September 1981: Permodalan and Perlis Plantations agree to 
bnv 70 per cent of estates owned by Barlow Holdings for £2 6m. 
September 1981: Permodalan “ dawn raid " heralds £282m 
takeover of Guthrie Corporation. 

September 1981: 31 u l ti -Purpose Holdings and Pegi pay £61m 
for 51 per cent of Dunlop Estates. 


Maleysian Prime Minister, that 
British companies were 
deliberately going out of their 
way to circumvent government 
policy aimed at reducing relative 
Chinese investment in business 
and increasing that of the native 
Malays. 

Dunlop responded that It 
assumed the deal was satisfac- 
tory to tbe authorities. 

The Dunlop Malaysian Indus- 
tries deal is the latest in a series 
which hare been sought by the 
Malaysian Government to in- 
crease Local participation in 
business. 

In 1970 rbe Kuala Lumpur 
Government launched a 20-year 
programme to increase the 
stake of the Bumiputra — 


literally ** the sons of the soil” 
in the corporate sector — which 
was dominated by local Chinese 
and foreign companies. 

The ahn was to increase the 
stake of the Malays and other 
indigenous peoples in the cor- 
porate sector to 30 per cent by 
1990, leaving other races, mainly 
Chinese, with 40 per cent and 
foreigners with 30 per cent. 

Id 1970 the Bumiputra owned 
only 2 per cent of businesses, 
compared with 34 per cent by 
other races and 64 per cent by 
foreigners. By 1980 their hold- 
ing had risen to 12 per cent, 
leaving other races with 40 per 
cent but foreigners still with 48 
per cent 

The slowdown in the growth 


rate of the Malaysian economy 
has prompted suggestions that 
the policy of Malaysianisatton. 
■as well as other economic pro- 
grammes, may be delays d7 But 
the Malaysian Investment Office 
in London said yesterday the 
policy was going ahead as 
planned. 

Dunlop, too. believes there 
will be. no slow-down in the 
Bumiputra policy. The com- 
pany had earlier made, two 
reductions in the size of its 
holding and felt a further “ sell- 
down” would have soon become 
necessary. 

Dunlop Malaysian Industries 
will continue to trade under 
that name and “will still he 
regarded as a member of the 
Dunlop family.” the company 
said. Dunlop’s 10 expatriate 
managers will retain their 
positions, technical aid will be 
continued and trade mark 
rights retained. What this will 
bring in in fees Dunlop is not 
able to say. 

Hie most recent figures for 
the Malaysian company show a 
14 per cent fall in net profits to 
24m ringgit (£5.8Sm) in 1981 on 
sales 13 per cent up at 268m 
ringgit 

The extraordinary profit of 


Pegi will meet the costs of 
the pure lm -ic by adoMing new 
ordinary P«a shares to 
Holdings, a wholly-owned Dun- 
lop subsidiary- These shares 
will be bought For cash from 
DJI.. Holdings by East Wind 
Hstdicgs. a wholly-owned sub- 
sidiary of Cioodyield Plaza. 

Goodyield Plata, which Is 
the majority shareholder in 
Pegi, is owned by Mr Ghafar 
Baba, a Malaysian politician 
and businessman. 

The cash consideration of 5 
ringgits per Dunlop Malaysian 
Industries share will be paid 
in Swiss francs In five equal 
payments spread over - two 
years, the first due 30 days 
after completion. The de- 
ferred payment is believed to 
carry interest of 15-16 per 
cent. 


£40m and the £7m annual con- 
tribution to posi-tax results Will 
come ,t« welcome relief to the 
financially hard-pressed Dunlop 
Group. It has marie an attri- 
butable loss in three of the past 
four years, culminating in a 
deficit of £41m last year on 
turnover of £1.4fibn. 


A. Monk advances sharply and doubles dividend to 3.5p 


THE CHAIRMAN’S midway fore- 
cast of higher full year profits 
despite lower turnover has been 
borne out at A. Monk and Com- 
pany. civil engineer and building 
contractor. 

Second half taxable profits of 
the group rose sharply from last 
time's £1.44m to £2_24m. and 
figures for the full year to Feb- 
ruary 28, 1982 showed an ad- 
vance of £2 ,06m to £3m — a some- 
what higher surplus than had 
been predicted is the interim 
statement 

Turnover for 19S1-82 dropped 
from a record £93.1m to £80 .2m. 
although it is pointed out that 
the policy of avoiding unrealistic 
pricing to attract turnover was 
maintained. 

The advance rin profits was 
attributable to a continued im- 
provement in trading perform- 
ance and, as predicted, to some 
success in achieving settlements 
of outstanding claims on 
contracts completed in earlier 
years. 


The directors warn, however, 
that conditions in the industry 
remain verv difficult and it is 
unlikely that the expected up- 
turn in construction will have 
any material effect on the avail- 
able workload before 19S3. 

Because of this they say they 
intend to maintain the policy of 
realistic pricing and conse- 
quently do. noL expect any im- 
provement in 3Toup turnover in 
the current year. Nonetheless, 
the group should continue to 
benefit from steps taken during 
recent years to improve perform- 
ance and efficiency and the 
directors anticipate a “satisfac- 
tory outcome" to the current 
year’s trading. 

Meanwhile, the dividend for 
the year under review is being 
lifted from 1.75p to 3.5p net per 
25p share by a final of 25p — a 
final of not less than l.TSp had 
been forecast The increase re- 
flects an improvement In cur- 
rent trading performance. 

At the trading level profits for 


HIGHLIGHTS 


Today Lex looks at the disappointing interim results from 
Rank Organisation where pre-tax profits fell from £43J8m to 
£36.6m, with the main contributor Rank Xerox being squeezed 
bv the competition. Also reporting yesterday was Amersbam 
International with its first figures since it was controversially 
sold to the public in February. The column then goes on to 
look at the deal by which Dunlop Holdings has sold its 
majority holding in Dunlop Malaysian Industries to local in- 
terests for £73m. It also discusses the events on a busy day on 
tbe Stock Market 1 


1981/82 came through at £2.16m 
(£627.000) to which net interest 
receivable of £834,000 (£311,000) 
was added. 

Tax paid rose f rom £5,000 to 
£332,000, and after an excep- 
tional tax credit last year of 
£1.19m, the pet balance emerged 
ahead at £2. 66m, compared with 
£2-12m. 

Minorities accounted for 


£128,000 (£144,000) — extra- 

ordinary debits last year took 
£457,000. Retained profits 

totalled 1 £2.16m (£2.25m) after 
dividend payments of. £378,000 
(£189,000). 

Stated earnings per share 
jumped from 7.3p to 23 Dp. Net 
assets per share were 108p (8Sp). 

On a current cost basis profit 
before tax was £2.53m (£131.000). 


Peerless finishes £0.18m lower •«*r ent 


EXCEPTIONAL debits of associates’ losses of £50.000 
£314,000 meant that Peerless, (£60.000) and losses on dis- 
plastics. electronics ' ■ and continued activities of £100,000 
domestic engineering* and metals (£27,000). 


group, finished the year . to 
March 31 with pre-tax profits 
down from £l.65ra to £1.47m. 
Sales rose by £1.63m to £30.9Sra. 

The exceptional debits in- 
cluded £200,000 in the domestic 
engineering division relating to 
tbe failure of a major distributor 
and to the consequent need to 
set up regional group 
distributors. 

Tbe dividend is held at 6.3p 
net with an unchanged final of 
4.2p. Earnings per share are 
shown as 10.6p < lOp) before 
extraordinary debits of £340,000 
(£266,000). Tax was lower at 
£99.000 (£363,000). 

The pre-tax figure included 


CCA taxable profits came 
through at £584,000 (£l-26m). 

• comment 

So far, the only shareholders to 
have made anything much of 
Peerless's two years on the stock 
market would seem to be the 
original vendors and those who 
slagged the issue ( 14 times over- 
subscribed at lOOpJ. Pre-tax 
profits for the year to March 
were 10.7 per rent down on those 
for 1981. less than 40 per cent of 
the £3.Sm Peerless made in. the 
year it came to market. At S8p, 
the shares have at least the com- 
■ pensation of an 11 per cent yield. 


though with little current cost 
cover. The main difficulty in 
1981-82 was domestic engineer- 
ing. After interest and a portion 
of central costs the division 
gobbled up more than £lm for 
the year — not counting excep- 
tional costs — whereas two years 
ago it was earning roughly £lm. 
A new range of kitchen furni- 
ture, which will be on the market 
in September, is Peerless's main 
hope for a reversal in this trend. 
Other activities have fared much 
more happily; profits from 
plastics were up 30 per cent, 
those from electronics doubled 
(after a setback), and some 
infant ventures seem set to reach 
breakeven this year. But the 
haul is long and has yet to prove 
rewarding. 


A. Monk's pre-tax profits,, more 
than tripled at 13m, show that 


it's road to recovery is smoother 
than ihe market expected, as (he 
shares gained 5p to 6Sp, a throe- 
year high. Margins may still be 
very tight, as the company 
Haims. but these figures mil irate 
that Monk has certainly not been 
buying work. The profits include 
about £D.5m more than usual in 
the form of settlements of out- 
standing claims nn contracts, 
though there is around £4.5m 
still due to Monk. The contre- 
temps with the Inland Revenue 
over the release of £t.6m of 
deferred tax, relating to losses 
from Monk's former Nigerian 
subsidiary, has still not been 
resolved. Monk may find it 
difficult to heat £3m in the 
current year, but the shares, 
yielding 7.6 per cent and an a 
p/c of 5.7, are at an appreciable 
discount to the sector, despite 
being more than covered by net 
cash— of nearly £Sm— *lone. One 
depressing factor is the pureness 
or the stack, devoid of property 
and development interest. The 
Davy Corporation holds a 28.9 
per rent stake, but since that 
was acquired in 1979, Monk's 
shares have been as low as -2p. 
so speculative interest must be 
minimal. 


EEC rejects Eagle Star inquiry 


Amersham International 

public limited company 

Manufecturers of radioactive and related materials for use 
in medicine, research and industry 

Summary of Results 

for the year ended 31st March. 1982 (unaudited) 



1982 

1981 


£000 

£ 000 

Turnover 

62558 

48531 

Profit before tax 

S536 

4079 

Profit attributable to shareholders . 

5683 

2176 

Total dividend per share 

330p 

L68p 

JEamiogsper share 

lZ48p 

4.85p 


sfc Sales and profits for the year reached record levels. Particularly good 
‘ progress was made in sales of products for useinhealth. care; 

Final dividend of 2.1p per share reenmmended-as forecast indie 
Oiler for Sale in February 1982* 

sfr Tradingresults indie cun'enlrj^ear wllbe another 

year of growth of the business and foe profitability of its operations. 

X ■ 

Hie Annual Report toll be posted to shareholders on23rd July, 1982. Copies 
. be obtained after that date fram/Tlic Secret 
limited enmp am- Anierebaio, Bucks. HP7 91X* 


Tbe Annual General Mefitmgwifl. be 
bdd in London on 1st Septembe^l38& 


yimersham 


Eagle Star Holdings has failed 
in it s attempts to set up an 
official investigation into the 
acquisition of a 28 per cent hold- 
ing in Its shares by leading 
German insurance group Allianz 
Versicherungs. 

The competition directorate of 
the EEC Commission has in- 
formed Eagle Star that, following 
examination of the case, it has 
reached the provisional conclu- 
sion that there arc insufficient 
grounds for an application of 
article 86 of the EEC treaty. 

Allianz acquired its stake in 
Eagle Star in June last year 
through a dawn raid and tender 


offer. Eagle Star complained 
to the Office of Fair Trading in 
London, the Federal Cartel Office 
in Berlin and the EEC Commis- 
sion in Brussels. . . 

The complaint to the EEC was 
under article 86 in that Allianz’s 
acquisition would abuse a domi- 
nant position in the market. 

All three bodies have turned 
down Eagle Star's complaint. 
Eagle Star has been given four 
weeks to submit its comments 
on the EEC's provisional 
decision. 

Dr Josef Kolb of Allianz said 
yesterday his company was still 
awaiting the official letter from 


the EEC. He expected to make 
a statement today on his com- 
pany’s moves. 

Allianz has always said it 
sought closer co-operation 
between the two groups and It 
wants full talks with Eagle Star 
to discuss areas in vrixich this 
objective could be achieved. The 
Eagle Star board bas been luke- 
warm about this idea. Tbe mar- 
ket expects tbat in due course 
there will be a full bid froip 
Allianz. 

The announcement was ex- 
pected by tiie market and tile 
share price closed 2p higher at 
370p after reaching 373p. 


Nesco Investments runs 
into loss of £237,000 


Reorganisation and interest 
charges of the Colmore sub- 
sidiary and the difficult trading 
conditions of last winter meant 
that Nesco Investments incurred 
a pre-tax loss of £237,000 for 
the year to March 31. This com- 
pares with a profit of £366,000 
previously. 

Sales of the group, which is 
involved in motor vehicle 
distribution in the UK and 
electricity generation and 
supply in Nigeria, climbed from 
£226m to £13.5lm. 

Losses per 25p share are 
shown as 24.65p (3.55p) after 
tax of £276,000 (£292,000). 


Dividends totalling 7p net <7.6p) 
have already been paid. 

There were extraordinary 
debits of £304,000 this time. 

The pre-tax loss included in- 
creased. share of Nigerian 
subsidiaries profits of £554,000 
(£382,000),. investment income 
and Interest received of £35,000 
(£194,000), and net surplus on 
disposal of investments and 
properties of £93,000 (£35,000). 

Since the year-end. property 
sales have realised £220,000 and 
further properties valued at 
£1.2m will be sold. 

Borrowings at the year-end 
were reduced to £2.1m (£3m). 


BPC raises 
its stake 
in Bemrose 


' British Printing and Com- 
munication Corporation yester- 
day announced it had bought a 
further 135.000 shares in Bem- 
rose Corporation, taking its 
holding to 1.945m or 17.3 per 
cent of the equity. 

Mcanwhile Bunzl. which has 
made a £ 16.1m bid for Bemrose, 
continued its critcism of Bem r 
rose's forecasts and performance. 

Bemrose requires a repeat of 
the distorting effect of excep- 
tional items in the second half 
of 1982 for it to achieve its fore- 
cast, Mr Ernest Beaumont, Bunzl 
chairman, said in a statement- 

Bemrose's positive cash flow 
in the first half of the year was 
largely due to £800.0(10 worth of 
receipts from disposal^. 


Savoy Hotel 

directors 

re-elected 

SIR HUGH WONTNER. chair- 
man of the Savoy Hotel group, 
and Dame Bridget D’Oyly Carte, 
were re-elected as directors at 
an 'extraordinary general meet- 
ing yesterday. 

Tbe meeting had been called 
because the ages of . both Sir 
Hugh and Dame Brdigel had 
been omitted from the resolution 
proposing their re-election at the 
AGM- As both were over 70 their 
ages under companies legisla- 
tion should have been stated in 
the earlier resolutions. 

Voting at yesterday's meeting 
on the re-election of Sir Hugh 
Woniner Was 2.SSm votes in 
favour (53.585 per cent) and 
6.906 against. For the re-election 
of Dame Budget D'Qyly Carte 
2.8Sm votes (53.6 per rent) were 
cast in favour and 5,87s against 


1 


D. F. Bevan in 
line with 
prediction 

As predicted • B. F. Bevan 
(Holdings) moved back into the 
black in the second six months 
and for the full year to March 31, 
1982, returned taxable profits of 
£67,000 — a Sharp improvement on 
the £131,000 deficit incurred in 
the previous 12 months. 

Stated earnings per 5p share 
were 0.5p (lp loss)- and. a final 
dividend of 0.75p raised the net 
total from 0.S5p to lp. 

At the interim stage the group, 
a metal merchant, casting and 
general engineer and steel stock- 
holder, was £35,000 in the ' red 
(£25,000 profit) but the chairman 
anticipated a profit for the full 
year and was optimistic that 

1982-83 would show a continua- 
tion of the “ encouraging trend."' 

Turnover for the year under 
review rose from £L2.79m to 
£1 4.58m and at the trading level 
profits advanced by £211,000 to 
£433,000. 

The pre-tax figure was struck 
after taking account of slightly 
higher interest charges of 
£363,000 (£349.000) -and a share 
of associates' losses, down. from. 
£4.000 to £3.000. - 

. Tax took £27,000 (£53,000 
credit) and extraordinary, debits 
amounted to £20,000 (£177,000).. 
The attributable surplus emerged 
atl£20.000 (£255,000 deficit)' from 
wolch dividend payments absorb 
£62,000 (£53,000), ' 


LADBROKE INDEX! 
Gdise 553^558 (+3j 



Summary of Results 


Year to 31st March 

1982 

I9SI 

Turnover £000 

28,069 

27, ISO 

Profit “before tax £000 

2283 

718 

Earnings (loss) per Ordinary 
share of 25p 

17.4p 

(8.2P) 

Dividend per Ordinary 
share of 2Sp 

' 2.9p' 

2.6p 

Dividend cover (times) 

4.5 

— 

Shareholders* funds per Ordinary 
share of 25p 

136p 

11 3p 


Caiclo Engineering Group PLC 


nrr> 

DTVa 


BfG finance Company BV 

U.S.sl 00,000,000 Floating Rate Notes 7389 
Extendible at the Noteholder's Option to 1994 

'Notice Is hereby given 

pursuant to the Terms and Conditions of thB Notes that 
for the six months from 
13th July, 1 S82 to 1 3th January, 1S83 
the Notes wilt cany an interest rate.of 16-& per annum. 

On 13th January, 1983 interest of U.S. $82.10 will be 
due perU.S. 61,000 Note for Coupon No. 8. 

Agent Bank: 

European Banking Company Limited 
13th July, 1982 ' 


M. J. H. Nightingale & Co. Limited 


27/26 Lovat Lane London EG3R 8EB 


Telephone 01-621 1212 


1981 -S3 
Hiflh Low 
120 120 
131 100 
75 62 

' 51 33 

228 187 
110 100 
385 240 
104 80 

135 97 

88 39 

78 48 

102 S3 

110 100 
113 94 

130 i», 
334 230 

80 51 
222 164 
18 »a 10 

80 fie 

44 25 

103 73 
263 212 


P/£ 


■ Company . 

Aw- 8Ht. Ind. Ord. ... 
An. Brit. Ind. CUTS... 

Aiapiung Group 

ArmftaflB 8.. Rhodes,...'.. 

Barden Hill 

CCt Tlpc Conv. "Pref... 

Cindica Group .' 

Da bo rah Sarvlcas 

Frank Hawaii 

Frederick. Parker 

George Blair 

'Ind. Precision Castings 
Isis Conv, Pro). 

Jackson Group ......... 

JameiBu Trough ; 

Robert Jankms' .... 

■Seruttons "V 

Torday & Carilalh 

Twtnlocfc Ord. 

Twinleefc I5pc ULS ..... 

Unlloek Holdings ..-.v> 
Waiter Alexander ...... 

W. S. Yum 


120 — 

131 

71 — 

43 — 

222xd - 6 
HO — 

265 — 

. S4 

135 
-74 
. 53 
98 
110 
.105 
123 
230 - 
80 
155 
I8«s — 

.79 — 

25 — 

• as — 

235 — 


+ M 


.+ I 


Prices now available .on Preital page 48148. 


Grow YiDld 
d<v;(p) % 

Fully 
Annul Taxed 

04 

5.3 

10 9 

13.4 

10.0 

78 




6.1 

8.6 

8.1 

l£S 

4.X 

10.0 

38 

6.1 

11.4 

S.1 

9.3 

11.7 

■Iff 7 

14 3 

_ 


364 

10.0 

10.7 

120 

6.0 

9.4 

3.3 

86 

7.3 

59 

5.7 

8.1 

6.4- 

86 

3.8 

7-2 

**■ 

— 



_ 

7.3 

7.4 

7.1 

10 7 

15.7 

14.3 



7.S 

7.1 

32 

G 7 

96 

.78 

DO 

ton 

31.3 

13B 

3.2 

8.1 

5.7 

7.1 

10.4 

12.5 

11.4 

74 

7.0 

11.9 

— ! ‘ 

. . 

12.1 

17.fi 

15.0 

19.0 

_ 


3.0 

120 

4.5 

7A 

8.4 

7.5 

6.6 

9.3 

14.5 

' 6.2 

02 

12.3 


King®Shaxsan. 


PtC ... 

82-ComUtl. 83 3PD 

irtfaUa Mb 1 
_ v— .>«) In 
Portfolio. I Income 

Portfolio || Capitol 


Gnt-EdjMd Portfolio Maiumamofir 
Service index 12,7.82^ 


Offer 78J5 
Bid 77 .S5 
Offer m3* 
BW.1W.40 


JS 1 

J*- 1. ■ 

A 0 I ; 


THE THING HALI 
.USM INDEX 
; 127.0 (-1.0) 

. dose of business. 12/7/1 
Teh flI-638 1591 
BASE DATE 19/11/80 11 


■X. 


-i, 








■ ;.-' . .-a-- j?r~~_ 




; y$i 


: Financial Times- Tuesday July - 13 1982 

Companies and Markets 


17 


UK COMPANY NEWS 


."t, 


•. 1 * 

1 

• K ' 


3 , 


‘1 


s.v: 


id 


Amersham above forecast 
at £8.54m— 109% jump 


COMPARED with a forecast of 
not less than E&3m, taxable 
profits of Amersham 'Inter- 
national amounted to £8.54m for 
the year ended March 3l 1982, 
against £4.0Bm, a jump of 109 
per cent, - ■ * ■ 

Turnover of this radioactive 
isotope manufacturer ' for 
medicine and industry, expanded 
by 29 per cent to ' £62.56m 
C £48.53 m ) and a final dividend 
of 2.1p (L341pV net per share 
boasts the total of 3.497p 
(1.676p), as forecast 
Amersham, which was offered 
by the Government last 
February to the public for £7lm, 
was - oversubscribed 23.6 times 
and some 264,000 applications 
were received worth, £1.75bn. - 
The directors say. that trading 
was good in all three business 


sectors, with particularly good 
progress being made in the sale 
of radioactive and . related pro- 
ducts. Exchange rate movements', 
had- a favourable influence on 
profitability, they state. 

An 'analysis 'of turnover and 
operating profits — £9,75m 
f£5.S2m) — shows: medical pro- 
ducts £30.36ra (£23. 06m) , and . 

£4.77m (£2.45m); research pro- 
ducts £21 An (£16.85m) and 

' £3.78ra (£2. 56m); industrial pro- 
ducts £10.41m (28.63m) and 

£L21m (£808,000), 

Trading results for April and 
.May indicate continued expan- . 
sion turnover and .the board-; 
expects- the current year to show ; 
further growth in its business 
and- the profitability of its 
operations. 

In the prospectus for the offer, 


last February, the . directors 
said that if the group had 
enjoyed the benefit throughout 
the year of the £5m raised by 
the issue, its restated profit for 
the 1981/82 year would have 
been not less than £9m pre-tax. 

Tax charge for the year took 
£2 Jim, compared with £1.41m 
and after minority interests of 
£740,000 (£491.000) the attri- 
butable balance was well ahead 
from JEUSm to £5.68 m. After 
dividend costs the retained 
figure was £4m (£1.42m). 

Stated earnings per share are 
given as 12.48p. against 4.85p 
and oo a current costs basis the 
pro-tax profit is reduced to 
£7.13m (£2.9m). 

During the year group borrow- 
ings were cut by £S.7m. 

See Lex 


Carclo Engineering 
leaps to £2.28m 


TAXABLE PROFITS Of Carclo 
Engineering Group leapt from 
£718,000 to £2 .28m in the year 
to March 31 1982 oh turnover 
ahead at £2&07m, compared 
with £27- 1 8m_ _ . .... 

Stated earnings per 25p share 
of this manufacturer and 
merchant of card clothing, and 
engineering products - turned 
round from losses of 8.2p to 
earnings of. 17.4p and from 2.6p 
losses to 15.2p earnings fully 
diluted. The final diridend is 
being doubled from 1.3p net to 
2.6p making . a - higher total of 
3.9p (2.6p). 

A breakdown of sales . and 
trading profits of £2B9m 
( £1.6Sm) shows: ' . engineering 
£13.07m (£12.78m) and £1.14m 
(£408.060);- card clothing — UK 
and Europe: £10:12m - (£10.08m) 
and £672,000 (£197,000.)— India: 
£4.88m (£4.34m) and £1.51m- 
ff 1.43m); and central costs 
£343.000 (£359,000). 

Fre-tax profits were . struck 
sifter net interest of .£703,000 
(£958,000). Tax took £L22m 
(£637,000) 

There were credits of £59,000 
(nil) for pre-acqidsition losses 
and minority debits came to 
£173,000 (£154.000). After extra- 
ordinary credits of . £98,000 
(£1.34m dehits) and preference 
dividends of £251.000 (£253,000) 


attributable profits emerged at 
£796,000 (£1.67m losses). 

• comment 

Carclo ' is reaping the benefits 
of sharp cutbacks in its home 
manufacturing base. Though UK 
turnover was static margins 
showed a dramatic recovery: 
from 3.2 per cent to 8.8 per cent 
in engineering and - 2 - per cent 
to 6.6 per cent in card clothing. 
The upturn at the after-tax level 
is exaggerated by the incidence 
of the heavy taxation imposed 
on the Indian offshoot, which 
accounted for the major part of 
the profits in the previous year- 
The strikes affecting the textile 
industry In India have- now con- 
tinued for several months and 
the market remains depressed 
in Europe. Zn the UK the In- 
crease in trade seen towards the 
end of last yearba s petered out. 
Therefore, the group's hoipes for 
further improvement at home 
rely on more cost-cutting, and 
raising productivity. To this 
end capital . spending, again 
to be around £SOO,000, will play 
an important part. But with -the 
bad news from overseas the com- 
pany will be hard pressed to 
.match this year's out-turn. The 
recovery and partial restoration 
of dividend lifted shares lOp to 
58p yesterday for a 10 per cent 
yield that underlines the mar- 
ket’s view of the future. 


Barrow Mining produces 
£306,000 turaround 

CONSIDERABLE progress was 
. made.in eliminating loss-making 
.aetivit&B „,*dd- reducing, group- 
6 at- the" Dublin-based • 


MttIKng CaneF&my which, 
showed a turaround from pr* 
tax losses of IE153.000 to profits 
of 10.53,000 for the six months 
to February 27 1982. - 

The directors say the progress 
made will be of benefit in the 
future. 

Turnover of this flour miller, 
bottler, and soft drinks maker, 
showed little change at £l3Bm 
against £13 .15m. At the trading 
level profits increased from 
£269.000 to £637,000. • 

The directors say flour milling 
profits have been maintained In 
spite of the increasing trend of 
cheaper flour imports which 


they say. is causing great coo-' 
cero*. ..... 

. Them reda^daacyi; pay- 

hreuli associate^ with * 

the' closure of the .-Bjiblin. and 
Carlo w animal feed . mills' last 
December. The balance of these 
. payments is £200,000 which will 
■ be paid in the second half. 

Tbdre is. no interim dividend 
—the last payment was a final 
of 1.7p. in 1880.- 
Pr e-tax profits were struck 
after higher interest payments 
of £484,000 against £422,000. 

Extraordinary debits rose' 
from £102,000 to £314,000 and 
available earnings came through 
lower at £165,000 (£333,000). 
Earnings per 20p ■ share were 
given as 3.65p against '• previous 
losses of 3.67p. 


BASE LENDING RATES 


A.BJ4. Bank : 121% 

Allied Irish Bank 124% 

Amro Bank 1 2 

Henry Ansbacher — 121% 
Arbuthnot Latham ... 124% 
Associates Cap. Corp. 13 % 
Banco de Bilbao,::.... 124% 

BCCI 124% 

Bank Hapnaiim BM. ... 12J% 

Bank of Ireland 12}% 

Bank Leu mi (UK) pic 124% 

Bank of Cyprus 124% 

Bank Street Sec. Ltd. 131% 

Bank of N.S.W 124% 

Banque Beige Ltd. ... 124% 
Banque du Rhone et de 
la Tamise SA. ........ 13 % 

Barclays Bank 121% 

Beneficial Trust Ltd. ... 13*% 
Brcraar Holdings Ltd. 134% 
BriL Bank of Mid. East 12* % 

l Brown Shipley — 124% 

Canada Perm’! Trust... 13 % 
Castle Court Trust Ltd. 13 % 
Cavendish G’ty Tst Ltd. 14 % 

Cayzer Ltd- 121% 

Cedar Holdings 13 % 

I Charterhouse Japhet... 124% 

Choularions 13 % 

Citibank Savings !12|% 

Clydesdale Bank 12*% 

C. E. Coates 134 % 

Comm. Bk. of Near East 124% 
Consolidated Credits... 124% 
Co-operative Bank ,;....*12J% 

Corinthian Secs. ...... 12|% 

The Cyprus Popular Bit. 154% 

Duncan Lawrie 124% 

Eagil Trust 

E.T. Trust 121% 

Exeter Tnist Ltd. 134% 

First Nat Fin. Corp.-. 15 % 
First Nat Secs. Ltd.... 15 % 
Robert Fraser 13 % 


Grindlays Bank .........$124% 

■ Guinness - Mahon 124% 

■ Hambros Bank 124% 

' Hargrave Secs. Ltd. ... 124% 

' Heritable & Gen. Trust 124% 

■■Hill Samuel 5124% 

; C. Hoare & Co t!2J% 

: Hongkong & Shanghai 124% 
Kingsnorth Trust Ltd. 14 % 
Knowsley & Co- Ltd — 13 % 

Lloyds Bank 124% 

Mall in hall Limited 124% 
Edward Manson 8c Co. 134% 

Midland Bank 12|% 

■ Samuel Montagu 124% 

■ Morgan Grenfell 124% 

National Westminster 12|% 
Norwich General Trust 124% 

P. S. Ref son & Co 121% 

Roxburghe Guarantee 13 % 

Slavenburg’s Bank 124% 

Standard Chartered ...|!124% 
Trade Dev. Bank ...... 12$% 

Trustee Savings Bank 124% 

TCB 124% 

United Bank of Kuwait 12*% 
Volkskas Inti. Ltd. ... 124% 
Whites way Laidlaw ... 13 % 

Williams & Glyn's 124% 

Win trust Secs. Ltd- ... 124% 
Yorkshire Bank 124% 

■ Mambtrs of the Accepting -Houses 
Co mi nee. 

* 7-day deposits 9.5%. 1 month 

9.15%, Short term £8,000/12 
month 12.1%. 

Y 7 -day deposits on sums of: under 
£10.000 £10.000 up to 

£50.000 m%, £50,000 -and over. 
11%.- 

# Call ' deposits £1,000 and over 

fl 21-day deposits over £1,000 KPilfc. 

§ Demand deposits 5Ps%. 

1 Mortgage base rata. 


: \i 


COMPANY ANNOUNCEMENT 

0E3 

WESTERN DEEP LEVELS LIMITED 

■ (Incorporated in the Republic of South Africa) 

TEMPORARY SUSPENSION OF SINKING OPERATIONS 
AT NO. 1 SERVICE SHAFT 

Sinking operations at the service shaft of Western Deep 
Levels' Noul shaft complex have been temporarily sr «ded 
following an Inrush of water from a fl^ure^whmh 
sected W0 metres below surface on Saturday. Jul 
. No lives were lost and ail shaft sinking equip, 
brought to the surface. 

When the water level has stabilised a concrete plugwill be 
insertedTbi the shaft bottom preparatory to cememauom In 
the meantime linking of the 

completion, date of the project is not likely to Be affected. 

Johannesburg 

July 12 1982 ■ 


cr- 

S2. 

■vas 


41% increase 
for Business 
Intelligence 

Pre-tax profits of Business 
Intelligence ' Services (BIS) 
expanded by 41 per cent from 
£9S3,000 to £1^38m for the year 
ended February 28 1982, on turn- 
over boosted to £14J.4m, against 
£S-63m. a 64 per cent Increase. 

Business outside the UK rose 
by '51 per cent to some £7m, 
directors say, which includes 
over £2m-worth of export sales 
(tired from UK operations. 

“Throughout the year effort 
was concentrated on maintaining 
the strong growth of- our com- 
puter software and information 
systems companies with good 
effect,” the directors state. 

BIS Software contributed over 
half of the group’s turnover and 
operating profits as well as 
further developing the range and 
scopeo of its MIDAS and FOLIO 
software products. 

' BIS Applied Systems also had 
an outstanding year, directors 
say, with a greatly increased 
turnover and contributing more 
than one-third of the group's 
operating profits. which 
amounted to £ 1.34m, compared 
with £913,000. 

. "These successes helped BIS 
offset the effects of the world- 
wide recession.” 

The directors add that thff 
'marketing research companies 
together substantially improved 
their sales and profits, account- 
ing for 16 per cent of turnover 
and 5 per cent of the operating 
surplus. 

Overall, the directors state, the 
group'-s performance was very 
good, and in some areas.. excep- 
tional, falling only slightly short 
of its “very ambitious targets. 1 ’ 
- Mr Brian Allison, chairman 
and chief executive, says the 
. objective is to build a £50m turn- 
over by the late 1980s, and 
■directors hope to top £20m for 
the current year. 

He points out that BIS cash 
reserves were maintined at the 
high level of over £1.7m despite 
intensive development expendi- 
ture which reached £1.2m. 

Pre-tax figures for the year 
£41,000, against £70,000. After 
tax of £487,000 (£478,000), 

minorities, £13,000 (£8,000 

credits), and an extraordinary 
debit of £19,000 last time, there 
.was a balance of £881,000 com- 
pared with £494.000. 

. Earnings per share are shown 
as 83.9p, against 48.9p. 


Energy Fin. 
advances to 
£505,000 

Pre-tax profits ' of Energy 

Finance and General Trust Hold- 
ings rose to £505,000 for the year 
to March 31 1982 against £384.000 
previously^ on group income up 
at £L24m from £808.000. 

. The total dividend is 
increased to l-31p net compared 
with 125p, with a final of 0.71p 
'(0.65p). Earnings per lOp share 
are stated at 4fip (2.94p) or 
4.45p (2.87p) fully diluted. 

Tax took £166,000 (£203,000). 
The company's shares are 
traded on the USM. 


Western 
Board Mills 
rises to £1.8m 

As expected, a rise in pre-tax 
profits was shown by Western 
Board Mills from £1.58m to 
£1.77m for the year to March 31 
1982. Tursyjver of this maker of 
mill and fibre boards from waste 
paper moved ahead from £3.51m 
to £4.13m. 

At half-time pre-tax profits 
rose by £106.000 to £864.000 and 
the directors predicted that an 
increase in profits seemed likely. 

The dividend -has been raised 
from 5£p to 6-5p net with a 
higher final of 4.5p (4J2p). Earn- 
ings per lOp share , of the com- 
pany. whose ultimate holding 
concern is Legov (Jersey), are 
given as increasing' from 14.7p 
to 16.7p. 

Pre-tax profits for" the year 
were struck after lower profits 
on the sale of listed investments 
amounting to £48,793. compared 
with £116355. Tax took £878.723 
(£77S,504). There was an extra- 
ordinary credit' last time of 
£75,575. 


Receiver for 
A. J. Balcombe 

Guy Parsons and Alan Milnes 
df Peat, Marwick, Mitchell and 
Co. London, have been appointed 
joint receivers and managers of 
A. J. Balcombe of Bull Lane, 
Edmonton, London. 

The company manufacturers 
and distributes Alba hi-fi and 
radio equipment. 

The receivers are investigating 
the affairs of the business with a 
view lo offering parts of it for 
sale as a going concern and hope 
that some jobs can be preserved. 


Lennons falls by £0.65m 
after poor second half 


fits from £l.lm to £226,000 left 
Lennons Group, food and wine 
retainer, with a reduced pre-tax 
surplus tff £1.48m for the year 
to April 3, against £2J3m for 
the previous 53 weeks. 

Sales totalled £91.S9m 
(£89.9m), excluding VAT o£ 
£7.44m (£7.93m). 

Trading profits fell from 
£2.28m to £L66m, comprising 
food division £1.22m (£L5Sm) 
and wines and spirits division 
£442,000 (£699,000). The whole 
of the downturn in the food side 
came in the second half. 

The directors say severe 
weather immediately before the 
main Christmas period resulted 
in -turnover not coming up to 
expectations. This trend con- 
tinued into the New Year, when 
sales demand was far lower than 
envisaged. These factors, with 
pressure on gross margins and 
higher operating costs, had a 
damaging effect on profits. 

The board has taken steps to 
reduce radically stocks and over- 
heads wherever possible follow- 
ing the unexpected shortfall in 
turnover over Christmas and the 
cumulative effect it has had 
since. 

These measures will put 
pressure on margins 'in the 
short-term and will have an 
adverse effect on profits for the 
first half of the current year. 

These results cannot be 
viewed with any great optimism, 
the directors say, but they are 
confident that the policies being 
pursued will ultimately prove 
correct. 

The total dividend is raised 
from 2.4p to 2.65p net with a 
final of l.Sp. Tax charge rose 
from £362.000 to £454,000, and 
there was an extraordinary 
credit of £100,000 this time. 

Pre-tax profits 1 were struck 
after increased depreciation of 
£997.000 (£807,000) and medium 
term loan interest of £177,000 
(£145,000). 

At the end of January the 
company introduced ia Bolton a 
pilot scheme of limited range 
discounting which has proved a 
worthwhile operation and has 
since been extended under the 


banner of Foodsave to a further 
three stores. It Is intended to 
have 10 such stores operating at 
the end of the current year. 

The licensed supermarket in 
Wavertree, Liverpool, was com- 
pleted and opened and has 
proved so successful that the 
directors are confident that this 
type of store provides a pattern 
for future developments. - 

In the wines and spirits re- 
tailing 'division. profits declined 
reflecting a small loss' in the 
second half. Difficulties started 
with a shortfall in the 
anticipated level of turnover of 
some £2m in the final two weeks 
of the Christmas trading period. 
This left the company with far 
higher stock levels in the new 
year than had been budgeted 
for. 

Financing costs of these 
excess stocks further aggravated 
the position into the final 
quarter. 

The company expected to 
liquidate these stocks, in the 
busy trading period before the 
Budget. This did not materialise 
and the level of turnover was 
about £lm to £2m lower than 
the 1981 pre-Budget period. 

The group opened four new 
wines and spirit stores during 
the period. It has also relocated 
its Newcastle-under-Lyme wines 
and spirits store, and the sale 
of the company’s former 
premises /has resulted in a 
surplus of £98.477 over book 
value. 

The £2m shopping complex in 
the town centre of Mold. Clwyd, 
is approaching completion and 
the company expects it to be 
open and trading in September. 
No difficulty is being experienced 
in -finding tenants for the units 
which the company has available 
for letting. 

The store in Garston, Liver- 
pool, is scheduled for compulsory 
purchase and in dne course the 
company will be negotiating 
appropriate compensation. The 
company has been successful in 
agreeing terms for the develop- 
ment of the new Gars ton 
District Centre, which will com- 
prise a supermarket, a seperate 


wines and spirits store and six 
adjacent shop units available for 
letting at a total budgeted cost 
of £l^m. 

The company continued its 
policy of writing off against 
current profits all financing 
charges prior to the opening of 
new developments. 

The company has purchased 
the freholds of its supermarkets 
in Southport, Withies and 
Warrington and the wines and 
spirits store in Malvern. 

A total of 2.5 acres .of land 
adjoining the head office complex 
at St Helens has been acquired 
with a view eventually to 
providing additional warehousing 
facilities for the food division. 

It is proposed that the 
authorised share capital be in- 
creased to £5. 18m by the crea- 
tion of 11.75m ordinary shares. 
If the necessary resolution is 
passed, there will be 12,910.251 
ordinary unissued (24.9 per cent 
of the enlarged authorised 
capital). 

This margin of unissued share 
capital will give the company 
extra flexibility and will enable 
it to take advantage of 
opportunities as and when they 
arise. The board has no inten- 
tion of issuing any of these 
shares. 

CCA pre-tax profit for the year 
came through at £806.000 
(£1.34m). 

• comment 

Things went seriously wrong for 
Lennons only days after it asked 
.shareholders for £2.7m last 
December. Christinas was terrible 
and a hoped-for pre-budget 
buying spree never materialised. 
As a result, the rights money 
has gone toward financing stocks, 
funding property deals and 
paying out dividends. Lennons’ 
trading position remains weak, 
so the shares' relative strength 
yesterday— they lost only 2p to 
land at 39p— would seem more 
to reflect their asset hacking 
than any firm expectation of a 
recovery. The yield at 10.2 per 
cent further reflects the 
increased property element of 
the stock and means that most 
shareholders are probably still 
inclined to hold and hope. 


Shaw Carpets slides 
£2.3m in the red 
—pays nominal O.lp 


LOSSES amounting to £1.4Sm 
came in the second half at Sbaw 
Carpets and left this manufac- 
turer £2 J6m in the red for the 
year ended April 30 19S2. This 
is compared with profits of 
£465,000 last time, of which 
£179.000 were obtained in the 
second hall. 

There is a loss per share of 
9.7-p, against earnings of 1.5p, 
and a nominal O.lp dividend is 
announced for the yeaiv-last 
year's final was l-5p which made 
a 2p total. 

Sales for 1981-82 fell from 
£3 6 .21m to £33.45m and the pre- 
tax figure for the period was 

struck after depreciation of 
£788,000 (£805.000), interest 

charges. £158,000 (£148,000), and 
redundancy and severance pay- 
ments totalling £802,000 (nil). 

The directors say that at the 
beginning of the current year, the 
second redundancy . programme 
— affecting over 200 jobs — was 
finalised and settled, and operat- 
ing conditions were resumed. 
Productivity has since increased 
and in the first two months of 
1982-83 sales were up. 

After a tax credit of £649,000. 
against a £81.000 charge, net loss 
came out at £1.61m (£384,000 
profit). 

Pre-tax losses, which on a 
current cost basis were increased 
to £3.13m (£444,000 profits), were 
funded primarily by a stock 
reduction of £l-91m. 

• comment 

The small amount of optimism 
which was evident in Shaw's 
half time statement soon 
evaporated in the light of post- 
November trading figures. So 
bad were the monthly manage- 
ment accounts that by February 
Shaw had entered its second and 
much deeper redundancy 
programme of the year. Having 
shed 95 jobs in the first half 
Shaw cut another 215 in. the 
closing six months leaving just 
470 employees. As management 
and unions negotiated their way' 
through productivity nose-dived 
aggravating the trading difficul- 
ties. Analysts had been stepping 


BOARD MEETINGS 

The following companies havo 
notified dates of boord meetings to 
the Stock Exchange. Such meetings 
are usually held for the purpose of 
considering dividends. Official indH 
cations are not available as to whether 
the dividends are interims or finale 
and the sub-divisions shown below 
are baaed mainly an last year's timet 
table. 

TODAY 

Interims — Blundoli-Permogleze. Cert ' 
diff Property, Investors Capital Trust. ■ 

Finals— Allnatt London Properties. 

Batloya of Yorkshire, Cable and Wire- 
less. HAT, Philip Harris, Magnet and 
Southerns. Mitchell Somers, United 
British Securities Trust. 

future dates 

Interims — 

Brooke Tool Engineering July 23 . 

Dunbar July 28 

Lovell (Y. J.) July 22 

Vospor July 15 1 

Finals — 

Black Arrow July 20 ■ 

Bra ith waits Engmocrs July 15 , 

Brown (John) July 23 , 

Davy Corporation July 22 ' 

Morrydown Wine July 2B 

Midland Trust July 21 

Moorgale Investment Trust ... July 20 ■ 

Sheffield Refreshment Houses July 20 : 

Stroud Riley Drummond July 19 


up their estimates of Shaw’s 
losses for some time but even 
so tbe shares dropped another 
2tp to 12>p yesterday. While it 
is hard to consider any share 
in the carpet sector as attractive ' 
a case could be constructed for f 
holding Shaw on recover)’ hopes. > 
The company has got through ' 
last year's disastrous figures , 
without too much damage to its > 
balance sheet in terms of debt. 

A shake out of working capital • 
has left borrowings only £100.000 
higher at £15m. Trading mean- 
while is improving with Shaw : 
picking up market share thanks \ 
tn a shift towards plain carpets * 
and away from its traditional t 
pattern speciality. With labour 1* 
costs 40 per cent lower than a '. 
year ago this upturn in sales f 
may enable Shaw to haul itself : 
into the black. But a meaningful 
dividend looks some way off for 
reserves are now down to just 
over £jm and rebuilding these | 
is a priority. 


Phiiip Hill Investment Trust PLC 


Assets 




Net Assets 


Gross 

Revenue 


2 Ordinary 

7 Dividend 



78 79 80 81 82 7879808182 7879808182 


Our investment 
policy 

* To maintain our 29 year 
record of annual dividend 
increases. 

* To enlarge gradually the 
overseas content of our 
portfolio. 

*To include a limited number 
of carefully selected special 
situations. 


In his statement to shareholders, Lord Keith of Castleacre, 
the Chairman, said: 

This year-end marks the Company’s 50th anniversary. 
Our net asset value at 31st March 1982 was 178.4p per 
share-the highest year-end figure we have ever recorded. 
The Company has increased its dividend every year since 
1953. Over the last five years the retail price index has " 
increased by 78 per cent and so has our net asset value. 

Our dividend has risen by 101 per cent over this same period. 


PHILIP HILL 1932-1982 


1932 Mn Philip H3I formed Philip • 
Hill & Partners Ltd. as a finance 
company and issuing house. 

1942 The company became 
Philip Hill Investment Trust Ltd. 
The banking and issuing side of 
the business was carried on by a 
subsidiary which tooktheparent 
company's previous name, 
Philip Hill & Partners Ltd. 

1950 The Trust bought Higginson & Co. Ltd. 
which was merged with Philip Hill &ihrtners and some 
years later acquired Eriangers Ltd- 

1965 H2I Samuel & Co. Ltd was formed following 
the merger of Philip HOI, Higginson, Erlangers Ltd 
with M. Samuel & Co. Ltd. The Trust retained 18 per 
cent of the bank’s equity. 

1980 The holding in HU Samuel Group Ltd was sold. 

1982 The Trust is now moving into a new phase 
of its existence which,!! is hoped, will give it a distinc- 
tive and individual role in the investment trust world 



- Gross revenue increased from £10,7.1 4,000 last year to 
£12,1 41 ,0p0f his year and earnings are up from 6.34p to 7.40p 
per share, an i ncrease of 1 6.7 per cent. - 

The Directors are recommending a final dividend of 
4.95p per share making a total distribution for the year of 
6.95p per share against 6.1 p per share paid last year, 
an increase of 13:9 per cent 

l believe that the Company’s portfolios are soundly-based 
and will respond to the first signs of an international economic 
recovery. Equally I think we have a reasonably defensive 
posture and 1 would hope that we would certainly be able to 
maintain the increased dividend which the Board has 
recommended. Barring unexpected international problems 
we would hope to be able to increase it again next year. 

Current Portfolio 

The Trust's fifty largest holdings accountfor some 

66 per cent of the total portfolio. 

Holdings in major special situations include The Lands 
Improvement GroupLimitedtfQ.Q per cent), the parent of a 
group of companies whose business is to invest in agricultural 
iand and make loans to farmers against the security of their 
land \ Philip Hill Energy, Inc. (59.2 percent), a company 
formed forihe purpose of engaging directly in the production, 
development of and exploration for oil and gas in the United 
States. The Trust also has an interest in a consortium which 
holdsoneofthe North Sea Seventh Round Offshore Petroleum 
‘Premium’ Licences.Two other unlisted investments are 
currently being examined. 



Investment Trust PLC 

Copies of the Report and Accounts can be obtained from / 
Philip Hill (Management) Limited, 1 Brewer's Green, 
Buckingham Gate, London SW1H ORB. 

Telephone: 01-222 '4393. 



. s f 






18 


Financial Eases Tuesday July 13 1982 


Companies and Markets MINING NEWS 


BIDS AND DEALS 


CRA approaches A$800m 
fund-raising target 


BY GEORGE WLUNG-STANLEY 


AUSTRALIA'S CRA has moved 
appreciably dosed to adueviog 
its target of raising a total of 
AS800m (£4 70m) in additional 
borrowings with the announce- 
ment of an issue of USS250m 
(£145m) in floating irate notes. 

Tbs issue, which will be fully 
guaranteed by CRA, is being 
lead managed by BA Asia, and 
the other underwriting banks are 
Swiss Bank Corporation. Austra- 
lia and New Zealand Banking 
Group, Barclays Bank Inter- 
national, Chase Manhattan, Mor- 
gan Guaranty and National 
Westminster Bank. 

The notes have a variable in- 
terest rate, which will be set 
every six months at } per cent 
above the London initarhagiir 
Offered Rate. 

The term of the notes is eight 
years, with a sinking fund run- 
ning from 1988 to 1990, the date 


of final m aturi t y. The facility 
has a “ put option grant," which 
entitles holders to require the 
underwriting banks to repur- 
chase notes at any interest pay- 
ment date. 

CRA, in which the Rio Tinto- 
Ztnc group has a 57.2 per omit 
interest, said that the funds will 
be used for general corporate 
purposes- 

The latest deal brings to 
almost AS700m the amount CRA 
has borrowed in the last two 
months. At the annual m opting 
in Melbourne in May, Sir 
Roderick Carnegie, chairman, 
promised shareholders that 
there would be no call on them 
to put up further cash in the 
near future, even though the 
group is currently doing worse 
than at any time over the past 
20 years. 

Profits for 1961 were A$12J5m, 
down sharply from the A$175m 


the previous year, and Sir 
Roderick forecast a loss in the 
first half of the current year. 
The figures are due in six 
weeks or so. 

The chairman explained that 
CRA was well advanced in plans 
to raise A$800m, with a bout ha lf 
going to ' replenish working 
capital The remainder will be 
applied to finance the two big 
coal projects at Tarong and Blair 
Athol in Queensland, and the 
Ashton diamond joint venture in 
Westers Australia. Tarong was 
financed in May through a multi- 
currency loan facility for 
AS257fim, mostly with Australian 
banks. 

The second big borrowing was 
a US$1 75m Eurocurrency 
syndicated loan with a group 
of 12 Japanese banks. This 
money is expected to be used 
for Blair AthoL 


Bougainville improves output 


THANKS TO the commissioning 
of an eleventh ball miff - 
improved production for the 
June quarter of this year is 
reported by the Rio Tlnto-Zlnc 
group's Bougainville copper and 
gold operation in Papua New 
Guinea. 

As a result the production of 
concentrates for the first half of 
this year amounts to 286,150 
tonnes compared with 280,787 
1981. The metal content of the 
latest half-year’s output was: 
82,070 tonnes (80,062 tonnes in 
the first half of last year), gold 
8,470 kilogrammes (7,516 kg) 
and silver 20,687 kg (19,981 kg). 

As expected, the grade of 


Bougainville's ore mined Is 
declining as operations move into 
a lower grade area of the open- 
pit. The commissioning of the 
new ball mill together with a 
further unit which is to come on 
stream in due course will partly 
offset the effects on metal pro- 
duction of this decline in ore 
grades. 

However, as the chairman 
pointed out at the annual meet- 
ing in April, total production of 
both gold and copper is still 
expected lower this year than in 
1982. There 2s the poss&arty 
of a further expansion in ore 
milling but this will depend on 
economic conditions. 


Like virtually all other copper 
p rod u cer s Bougainville is operat- 
ing at a loss at current metal 
prices. It has already arranged 
a new standby borrowing facility 
of USSSOxn and this together with 
a previous facility of $40m is 
reckoned to be sufficient to tide 
the company over until metal 
prices improve. 

If they remain depressed, for 
a “significant” period the com- 
pany will need to find additional 
long term borrowings. But. at 
least, it has the advantage of a 
relatively low debt to equity 
ratio. The shares rose 6p to 68p 
hi a generally brighter mining 
share market yesterday. 


Further cuts 
in output 
at Le Nickel 

FRANCE'S Le Nickel-SLN is to 
introduce further cuts in pro- 
duction of nickel at its plants in 
New Caledonia, in the French 
Pacific, and in France. 

Ferro-nickel output from the 
New Caledonia plant will be 
reduced by 10 per cant to 
between 32.000 and 33,000 
tonnes, under 45 per cent of 
capacity. Production, will be kept 
at this level until there is a sig- 
nificant improvement in the 
market for nickel, 

Le NiCkel also plans a sharp 
cut In its output of high-quality 
pure nickel from Its SadauvUle 
plant, near Le Havre. 


Hampton Areas makes a 
further move into U.S. 


A FURTHER move Into the U.S. 
scene is announced by the UK- 
registered Hampton Gold Mining 
Areas. It is planned to enter into 
joint ventures there with New 
Court Natural Resources. 

The latter will offer Hampton 
Areas participation in what are 
described as new, large scale, 
oil and gas exploration and 
development opportunities. 

The agreement between the 
two companies runs for three 
years and provides that 
Hampton Areas will not increase 
its present 1&89 per cent hold- 
ing in New Court to beyond 25 


per cent except with the agree- 
ment of the latter's board. 

Mr George Li vin gstone-Lear- 
month, chairman of Hampton 
Areas, will be invited to join the 
board of New Court 

Last week Wultex Machine, a 
wholly-owned subsidiary of 
Hampton Areas, announced the 
formation of a Pittsburgh-based 
subsidiary to supply equipment 
to the U.S. coal mining industry. 

This followed the news in 
Jane that Hampton Areas had 
joined a consortium to recover 
anthracite from a large coal tip 
owned by Nesqu earning Coal in 
Pennsylvania. 


Lonrho 
angry over 
Fraser’s 
store plans 

fy John Moore, 

City Correspondent 

House of Fraser, the Barrods 
stores grotto, is planning to sell 
12 of its smaller -stores situated 
In different parts of tire UK in a 
rationalisation move. 

The announcement yesterday 
by Fraser provoked an angry 
reaction from Lonrho.its largest 
shareholder which has two board 
representatives. 

“We were never consulted,'' 
said Lonrho director Mr Paul 
Spicer, who acts as Lord Duncan- 
Sandys alternative on the Fraser 
board. Lord Duncan-Sandys Is 
chairman of Lonrho, 

“This proposed deal does make 
a point that the Lonrho directors 
on the board are not a party to 
anything.” He added, “we want 
someone in the Government to 
stop this ridiculous situation." 

Lonrho, which is still seeking 
to take over Fraser, Is currently 
making representations to the 
Office of Fair Trading in an effort 
to get the objections raised by 
the Monopolies and Mergers 
Commission to a takeover of 
the stores group by Lonrho 
removed. 

The stores contemplated for 
sale by Fraser will be sold 
individually or as a grot 
Several of the sites are capable 
of redevelopment. 

“ The planned disposal of 
these stores is all part of the 
continual rationalisation of the 
House of Fraser property port- 
folio,'' commented Mr B£Q 
Crossan, Fraser's chief executive. 
The sales will be done through 
the group’s property advisers, 
Conrad Ritblat. 


NO PROBES 


Mercantile House B 
Qppenfeeimer Holdings. 


BENN BROS. 


£6.000 on June 30 1984, 


and micro-eleetronic& 


OIL COMPANY OF AUSTRALIA 

Important Notice 
to Shareholders 


Hartogen Energy Limited, a minorBy shareholder, wants to control 
your Company by removing all the Directors of 03 Company of 
Australia (OCA) and replacing them with the entire board of Hartogen 

If this happens, Hartogen will control OCA’S $16 miffion 
cash and Its interests in valuable o3 and gas reserves m 

Southern Queensland. 

Your Directors have guided Ihe Company to fts present sound 
position since launching in July 1979. 

Hartogen acquired most of its holding through a recent 

share market laid. 

Support your Directors: Sir John Proud, Neville G. Green, 

Lord Catto of Caimcat to, Alexander Fredeagus, Sir Donald Hibberd, 
Michael J. Mahoney and Sir Eric NeaL 

PROTECT YCXIR INTERESTS. VOTE TO RETAIN YOUR 
DIRECTORS, APATHY BY EVEN A SINGLE 
SHAREHOLDER COOID SEE CONTROL PASS QUICKLY 

TO HARTOGEN. 

STOP HARTOGEN NOW! 

If you Irave not received direct ma3 from the Company by July 12 
immediately contact 

Morgan Grenfell & Co* Limited 
London; Alex DuSus (01) 5884545 


Rearguard action 



British Sugar Corporation Is 
mounting a spirited rear-guard 
action against SL & W. Boris- 
ford's takeover by appealing 
once again to the European Com- 
mission on the grounds that 
EEC competition law would be 
infringed. 

But Brussels Commission 
wffb»iaig believe that even though 
fresh evidence may prompt an 
EEC re-examination of the case, 
the reality may be that Beris- 
ford’s £282m cash bid for BSC 
will prove to be irreversible. 

BSC executives, in Brussels 
yesterday for talks with the 
EEC’s competition directorate, 
nevertheless appeared confident 
the C ommissi on will shortly 
amo unting to an injunction 
against Berisfbrd that would 
freeze the final stages of its 
takeover narti a detailed EEC 


study had been completed. 

BSC's hope is that it has. now 
set in train legal moves by the 
Commission that could in theory 
result in Berisford being 
ordered by Brussels to divest 
itself not only of the 10.5 per 
cent stake in BSC that it bought 
last week from Rank Hovis 
McDongall, hot also of further 
shares in the corporation that 
would reduce its holding to well 
below the 4(102 per cent of the 
equity that it has acquired 
during its 27-month battle to 
win outrigit control 
■ The Commission’s competition 
authorities have yet to issue a 
formal statement setting bat 
their intentions, but it is clear 
that they are revising their 
earlier decision a fortnight ago 
to turn down BSC’S application 


Braid cites recovery in 
opposition to Lookers 


Braid Group, the Liverpool 
vehicle distributor, has made a 
further appeal to its share- 
holders to reject the £3. 58m bid 
from Lookers, citing “ a major 
recovery programme ” as an 
important factor in its favour. 

The 58p offer price is “in- 
adequate when compared with 
the steps that have been taken 
by your board in the last two 
years to concentrate on 
successful franchises, realise 
surplus assets, reduce borrow- 
ings and return the group to 
significant profitability.” it said. 

Braid said Lookers' motive 
could only be to acquire M good 
franchises at a bargain price." 

Braid said it would reveal the 
grou p's prospects for the final 
six: mouths as son as possible. 
In the first five months con- 
tinuing operations returned to a 
pre-tax profit 


Lookers yesterday announced 
that its Bolling Investments sub- 
sidiary had bought 175,000 Braid 
shares taking its holding to 
2.01m or 33.4 per cent of the 
equity. By last Friday 
acceptances to its offer had been 
received from holders of 424382 
shares; 7.1 per cent of the 
equity.. 


' CONCENTRIC 

Concentric Group has sold its 
Swindon subsidiary. Concentric 
(Fabrications) to that company’s 
management for an undisclosed 
sum. The company’s workforce 
totals about 30. 

Concentric says that the 
Swindon product lines— stainless 
steel fabrication for food and 
liquid processing and sanitary 
ware — or© so longer appropriate 
to the group’s future policy. 


that the Berisfurd takeover 
would amount to an abuse. « 
dominant position. 

The Commission’s chan ge « 
heart reflects the new evidence 
that BSC and un-nmed third 
parties rathe UK sugar industry, 
have of late lodged with 
Brussels regarding the pricing 
policies that Berisferd would be 
able to pursue once it dominates 
some 60 per cent of the ufC . 

sugar market, and which could 
contravene Article 86 of the 
Rome Treaty. ■_ 

BSC executives also main- 
tain that Berisford ignored an 
informal request by Brussel* 
last week for a pause m the 
takeover, and suggest that the 
EEC competition authorities 
are now on the point ot 
initiating a formal investigation 
that would involve question- 


naires being «nf to all sugar 
interests in the Community, and 
would last three months, 

In London j, Henry Schroder 
Wags, after consul tattoo* with 
the City Takeover Panel, yester- 
day resigned as financial advisers 
-to BSC due to a possible conflict 
of interest trader the rotas of 
Takeover Code. 

Sehrodm mm 4.7 per cent 
of BSC- With toe takeover ^pro- 
cessing quickening at BSC, 
Schrodere was in the position of 
becoming an Important minority 
shareholder in the group which 
the Fund expects should be re- 
ceiving independent advice. 

K M. Rothschild have been 
appointed financial, advisors to 
BSC- and together with the com- 
pany^i broken Rowe and Pitman 
it Is responsible for providing 

financial advice to the board. 


Maurice James shares 
rise 3p on bid rumours 


A TAKE-OVER bid could be on 
the way for Maurice J*me* Indus- 
tries, the industrial investment 
company. Last iright the direc- 
tors announced that discussions 
were at an advanced stage which 
they believed could result in an 
offer being made. _ „ 

The identity of the interested 


party has not been revealed. Is 
the meantime shareholders arc > 
advised to take no action until * 
a further announcement, which 1 
will be made as soon as possible, 1 
On the London Stock Exchange 
yesterday, shares of Maurice \ 
James rose Sp to 3S*p, valuing 
the company at £33m. j 


ERT in film deal for 
Spanish Tioxide offshoot 

Agreement has been reached 
between Tioxide Group 1 and 
Union Explosives Bio Tinto &A- 
(ERT) for ERT to sell Tioxide 
its shares in Titanlo SJL— L24m 
ordinary shares of Ptn 1000 
nominal value each. 

Titanic KA. is a Spanish 


cent of Its ordinary share* pod 
Tioxide the remainder. 

The consideration wilt be 
Pta 2300m (£L131m) in cash. 
Hie value of Titaxno'a assets 


•A 


1 1 

l; 

/ 

.ONDON 

July 18 Total G 
| J 

TR 

entreat 

aly 

WE 

» 1744 
Oi 

D 0 

Cans 1 

sL 

►PTil 

395 Pu 

Jl 

JHS 

ts 348 

Bn. 

0 

f 

i 

s 

fv 

l Option . 

EbCrctsejGtostns 
plica offer 

VoL 

Closing 

offer 

VoL 

Otoslhf 

offer 

vol. 

Equity 

docs 

BP (e) 


o 

10 

i ie 

4 

1 22 

1 » 

!264p . . 

BP (O 

300 

3 

— 

i 9 

23 

‘ 13 

1 - 


BP fd 

330 

1 

4 

! 4 

— 

8 

I — 

1 - 

BP Ip) 

360 

6 

— 

i U 

3 

15 

1 — 

1 „ 

i BP (p) 

280 

17 

31 

! 24 

10 

30 

i 1 


l. BP IP' 

300 

36 


1 42 

— 

46 

; 23 

1 

» BP (p) 

330 1 66 


I 68 

— 

[ 66 

. 0 


1 CUfct 

130 

i 11 

5 

1 16 

— 

20 


;i39 P 

- OU (cl 

140 

4 

9 

1 B 

21 

1 14 

! a 


cu ua 

160 

llg 


; bb 

6 


— 

379 p* 

7 Cons. CM (Q)| 330 

52 

2 

2 

87 

1 

1 Cons. GId (ol! 360 

25 

bS 

37 

13 

■ 45 

— 

„ 

Cons. GId (e)' 360 

5 

28 

15 

48 

24 

— 


Cons. GId (cl; 430 

Ha 

23' 

9 

5 

11 

9 


Cons. GId (p> 360 

9 

11 

| 20 

4 

27 

— 

; a 

CUds, (6) 

60 

19 

3 

. 

— 

1 J? 

— 

78p 

! CUds. (ei 

70 

11 

6 

15 


. — 


E CtMs. (d 

80 

3 

3 

9 

2 

11 

l 

a 

E Ctlds. fO 

90 

- 1 

— 

. 3I » 

2 

6 

— 

M 

GEC (c) 

900 

150 

— 

148 

1 

170 

— . 

G101« 

QEC (O 

950 

80 

— 

108 

1 

130 

— 


GEC (0) 

1000 

40 

3 

70 

9 

96 

1 


GEC (a) 

UOO 

6 

14 

35 

13 

65 

s 


M GEC (pi 

950 

3 

— 

16 


27 

1 

958 p” 

Gr*d Mat (o' 

- 214 

20 

3 

-25 

8 

31 

— 

Gr*d Mat (o! 

220 

15 

1 

21 


25 

3 

. 

Gr*d Mat (a! 

240 

3 

— 

. 9 

16 

14 

6 


fir'd Mat (p] 

240 

IS 

3 

18 


32 

— 

99 

101 (c) 

280 

20 

3 

__ 

_ 




296p 

ICI(c) 

300 

7 

14 

20 

26 

30 



Kllip) 

300 

8 

18 

-17 

12 

19 

—4 


ICI (p) 

330 

34 

1 

40 

1 

42 

•— 


Land Bsc. (e) 

260 

14 

— 

21 

2 

31 


BfiSp 

1 1 Land Sec. In) 280 

4 . 

— 

12 

1 

21 

— 


Mks&Sp.(c] 

160 

Ha 

4 

ait 

16 

12 

— 

154p 

Shell (c) 

330 

60 

2 

66 

— 

— 

— 

388p 

Shall (ci 

360 

30 

5 

40 

■— 

48 

— 


Shell (o) 

390 

10 

18 

.19 

3 

28 

2 


Shell (pi 

360 

3 

20 

a 

— 

14 

— 


Shed (p) 

390 

14 

IS 

19 

1 

23 

19 


Shell fp) 

420 

36 | 1 

August 

42 ; B 

November 

44 > IB 
February 

• IB 

Barclays (pi 

3B3 

is 

11 

22 

— 

32 

- n . 


3B0 

22 

15 

26 


38 

Imparts! (cl 

SO 

101j 

120 

131« 

16 

18 

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Imports) (o) 

100 

5ij 

108 

8 “ 

61 

11 

50 

9i 

Imperial (c) 

110 

1 

— 

4 

— 

61* 

2 

Lasmo (cl 

280 

28 

1 

40 

— 

52 

— 

2S4p 


522 

14. 

4 

28 

— 

40 

— 


Lasmo (cl 

330 

4 

— 

17 

4 

28 

—* 


Lonrho (c3 

60 

26 

— 

26 

— 

27 

6 

Mp | 

Lonrho (id 

70 

16 

11 

17 

10 

18 

» 


Lonrho (c) 

80 

8 

60 

Ida 

10 

11*4 

32 


Lonrho (o) 

90 

3 

97 

51* 

91 

7 

28 



80 

21* 

— 

5 

— 

7 

12 


Lonrho m) 
P&O Co> 

SO 

9 

30 

- ZO 

5 

12 

— 


140 

11 

9 

80 

— 

24 

— 

48p 

P*0 CO 

160 

2 

— 

7 

1 

12 

— 

m 

RaoaKo) 

430 

43 

3 

63 



82 


wop 


460 

15 

6 

- 32 

— • 

48 

1 


Racal (p) 

420 

3 

a— 

12 

4 

22 

__ 



460 

13 

1 

23 

— 

30 

— 


RTZ (ol 

330 

65 

1 

75 

— 

80 



RTZ (O 

360 

37 

23 

52 

28 

60 



' n , 

RTZ (O 

390 

19 

31 

32 

1- 

40 

1 

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RTZ CO 

420 

6 

12 

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1 

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RTZ (c) 

460 

i-1 

— 

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IB 




RTZ (pi 

360 

19 ! 

16 i 

— 

20 


m 

RTZ (p) 

VaaJ ns. (ol 

390 

17 1 

26 j 

30 

— 

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' 

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12 

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Vaal Rfe. (e) i 

45 1 

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4i*: 

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10 


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40 ; 

S3 


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— 

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11 

I# 

I Vaal Rfs. (pi . « I 

I C=Call 

8 I 

6 I 4 I 

- 1. 61*1 
P— Put 

10 

M 


In 1981 Is Pta 2,530m 
A loss of Pta 3344m (fil.TSmX * 
was attributable to the assets. : 

Titrate will give Tioxide good I 
profit potential in the developing 
Spanish market, while enabling 
it to establish a stronger • 
commercial base m Europe. 


EUROPEAN OPTIONS EXCHANGE 


Sarlas j 

vol 

fa- 1 

VbL 

Now. 

: Last 

Feb. 

Vci. Las* 

• fltenK 

GOLD C 


3B 

I 4« I 


_ 1 

_ 

1 ■ — 

1540.50 

GOLD C 
GOLD C 

•pi 

112 

86 

! 27 | 

! 12 Ai 

5 

49 

40 . 

! 26 : 

13 

106 

si 

34 

99 

99 

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78 

1 5 -®° i 

88 

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— 


m 

GOLD C 


52 

! 1.60 

17 

8.50 

— 

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GOLD P 


29 

1 *-50 

44 

B - 

11 



GOLD P 

8595, 

69 

8.50 '■ 

36- 

- 13 

5 

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GOLD P 

*350! 

eg 

1 18 ! 

8 

1 23 : 

-a- 

. 


GOLD P 

337ft 

— 

* — j 

-8 

i • 80. I 

— 

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121* ML 81 87-91 








c 

F.110; 

188 

! 1.80 J 


_ t 

— 

< — 

F. 11 1,70 

C 

P 

P. 

F.112.5W 

F.uq 

FJIMoi 

100 

IM 

j 0.30 j 
i ‘1.70 j 

.78 

100 

: ijo ; 

is j 

1ft 

1ft 

1 1,70 
1A0 

•f 

m 

m 


105* ML 80 86-96 
C F.IC 

o raoaj 
•p rjnj 
P F.1 
im NL 88 8088 
O F.108J01 
10 NL 88 8689 

MM. 


j.I^OBl 50 | 2.50 I - ‘ - iF.MO.TO 

0.80 - — j - • •. p 

f 8 . - { -I . - ; - 4 ~ 


388 


11-!- 


o 

c 

p 


= ! -in*! i” j 

- I - I ilw! 


Mao; 

F4IBO; 

M 8Sj 
S9 

MOl 

FJ» 

f.ss 

F.60 
F.ja. 
F.17.50! 

FJ» 
F.XOO 
F.110 
F.BO 

FAQ 

F.XOO 
F.X10 
FASO 

r.iio 

F.120 
' F.11B 
F:120 
F.110 

Fjg 
rasjBo 
■ pja 
FJHL50 

F*el 

■SB 

F.lOff 
F 'MS’, 

•fjo! 

F.140 
F.lBOj 
F.lStt 
TOTAL VOLUME IN 
A=Aslwd 


ABN C 
ABN P 
AKZO O 
AKZOC 
AKZO P 
AMRO F 
AMRO F 
AMRO P 
HEIN C 
HEIN C 
HOOQ C 
HOOQ C 
KLM 0 
KLM 0 
KLM C 
KLM P 
KLM P 
KLM p 
NEDL O 
NEDL C 
NEDL P 
NEDL P 
NATN C 
NATN C 
NATN P 
PHIL C 
PHIL O 
PHIL C 
PHIL P 
PHIL P 
RD O 
RD C 
RD C 
RO P 
RD P 
UN1L O 
UML G 
UNIL P 


July 

18 . 4JW t 
85 : 0.70 
4 ! U90 j 
100; 080 


Oct. 


10 • 1.80 

. I 

8 ! 4 -BO 

ta i a. bo 




881 

7 


83 

40 

B 


Mr 

"a 

36 


as 

40 

06 

38 


878 
SO 
80 
5 

as 
10 
7 

100 
7 

89 
81 
14 
B8 
38 
10 

a 

. 80 
7M - 


3 

080 


0.70 1 
880 | 
4A| 


OLIO 

380 Bj 
0.70 

0,10 , 

84 

6.50 

0.10 


_-T 

1.40 f 

1, "u! 

3^0 i 
* - i 

5.20 r 
2J» : 
8.80 I 

mH 
8.10 : 
UK) | 
4J» 

T 


- * - '8.108.80 

10 : 8.60 IMM 
300 | 1.60 , „ 

— ! — i * 

Jan. 

- ; — '8.883.80 

~ ~ pjmIio 


30 

4 

10 


1.80 
1.90 A , 
8AP.48.qO 


B i 3.60 


F.8S.60 
r. 16.30 


17 

10 


1.80 A 1 

— rna 
+ A' " 


6 J 


- jp.iih.8B 

1 1 £8 h 1 ?" 


i.i - ! - 


« 1JBO 
108 I 0,70 
7 j 0,70 


U 8.50 'j 
. 81 0,60 . 

*7. 1,50 I 

95 •- 3.80* - J - 

58 i 7 [ . — j _ 

- ! - 10 « 3,50 | 

5 . 3.50 j - j - ■ 

CONTRACTS 8430 
8= Bid • O^Oall 


— I - IFJ3 JO 
S3 1 3.80 

101 J 1.10 J • „ 

SB ! 10 

33 j 3.90 . H 

80 ! 1.50 1 „ 

15 X >• „ 

17 7.60 H 

‘ — i — F. 148.60 


P=Put 


1981: 

Consolidated figures 




Sales 

. DM 3£29 million 

Net income (before addition to non-taxabie reserve} 

DM U7 million': 

Net loss (after addition to non-taxabie reserve) 

DM 17SmBlion * 

Balance sheet total 

DM 1^990 miOion 

Equity capital 

: DM 401 million 

Capital expenditures 

DM 160 million 


The Continental Group has again improved Its v 
market positionand now ranks as number two . please write to: 
mthe European tyre industry. 28,500 employees Continental Gwnmf-Werice AG 
manufacture and seil worldwide tyres, tubes, - PR Department P~0 Bodies' 
coatai fabrics; conveyor belts, hoses, V-betts^ D-SOOO Hannover t ^ 

nrauided and extrudal rutoer products, foam, West Germany 

airsprings etc. ■ 




Financial Times Tuesday July 13 19S2 

Companies and Markets 


19 


INTERNATIONAL CO MPANIES and FINANCE 


? I 
■ i 

I 


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P'!'- 

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First Chicago continues recovery 


BY TERRY BY LAND 

FIRST CHICAGO Corporation, 
holding company of First 
National Bank of Chicago, the 
second largest in the city and 
tenth io the country, continued 
to consolidate its recovery in 
Lhe second quarter. 

Net earnings rose II per cent 
to S31.8m, or 80 cents a snare, 
before securities losses of $2.Tm 
which were little changed From 
a year earlier. 

Loan write-offs rose to §23. 3m 
in the second quarter from 
a year earlier. Non-perfonmnr 
assets totalled S740m at June 
30 compared with SfilOm a year 
earlier and $57Bm on March 31. 

Total assets stood at S33.fibn 
at December, 1981. 


The company said the rise in 
non-performing assets reflected 
adverse worldwide economic 
conditions and the impaired 
financial .strength of e few major 
borrowers. 

Net interest income for the 
second quarter rose to SL5G.5m 
from S127.9m a year earlier. 
Non-interest income increased 
to ST3.4m from S6fi.9m because 
of higher credit card fees and 
foreign exchange trading profits. 

Bond trading operations in the 
quarter broke even compared 

with a gain of $4m a year 
earlier. 

.Von-interest expenses rose to 
$145. 6m from S123m. mainly 
because of higher salaries and 


benefits, overseas costs and 
office accommodation costs. 

The bank has been increasing 
its credit ca rd ope ra ti ons by 
buying, for example, the Visa 
card portfolio of Bankers Trust 
in June. It hopes credit card 
profits will office! the weakness 
of indusLriai loan demand. 

InterFirst Corporation, the 
holding company for First 
National Bank in Dallas, the 
country’s 17th larges! bank, has 
reported second quarter net pro- 
fits of Soa.lm, or S1.06 a share. 

compared with §46. 5m, or 90 
cents, a yea r ea rlier. These 
figures were before securities 
losses of $10.7m m the latest 
quarter and S2.4m a year earlier.' 


• Northern Trust, Chicago's 
fourth largest bank, suffered a 
fall in earnings which it blamed 
largely on a $8ra provision for 
losses’ on loans originated by 
Penn Square Bank of Oklahoma, 
whose closure last week by the 
Federal regulatory authorities i 
was a blow to banking eon- ! 
fldence. 

Income before securities trans- \ 
actions slipped in the quarter ) 
from S9m to SSm. Securities ! 
losses brought final net totals 
to S7m against $$.7m. The bank 
is level pegging si at the end 
of the first six months of the 
year with earnings of $17m or 
$3.54 a share after securities 
trading. 


Abbott on 
target for 
record year 

By Our New York Staff 


Intel sales rise, but earnings fall 


BY LOUISE KEHOE IN SAN FRANCISCO 


ABBOTT LABORATORIES, the 
major U S. health care and 
pharmaceuticals company, 

announced first half earnings in 
line with its forecast of record 
profits for 1982. 

The first half figures were 15 
per cent ahead at $134.flm nr 
SI. 10 a share compared with 
Sllfi.fim nr 94 cents in the same 
period last year. Sales put on 
9 per cent, rising from Sl.I3hn 
to -$1.23hn. 

In the second quarter, earn- 
ings moved ahead from S60.7m 1 
or’ 49 cents a share to $71 3 m ! 
or 5-S cents on sales up from . 
5579m to 8649m. I 

The group, which takes about j 
27 per cent of its sales from : 
outside the l'.S.. said its total [ 
overseas sales for the first half j 
rose by 2.1 per cent. Unit | 
volume growth overseas was i 
excellent, and (he small per- j 
centage increase in the value of | 
sales reflected the continued : 
negative effects of currency ! 
translations. In the first 1 
quarter, currency 


INTEL CORPORATION, the 
California semiconductor chip 
| maker, has reported net income 
I for lhe second quarter of S8.2m, 
| down from Sfl.Tra last year. 
: Revenues hefore cosis at 
1 82 1 6.4m are. however, up from 
: 8201.2m last year, indicating 
I that cosis continue to outpace 
revenue growth. 

[ The company's performance 
I compares favourably with that 
ol other U.S. semiconductor 
; manufacturers which have been 
I reporting lasses for the first 
, several months of this year. But 
; Intel is far short of the 20 per 
i cent annual growth rate which 
i the semiconductor industry has 
enjoyed in recent years. 


New orders received in the 
second quarter were the highest 
in the company's history. In 
response to the increased busi- 
ness Intel has expanded its work- 
force by about 15 per cent — 
mostly in manufacturing. It is 
also beginning to hire workers 
for a new* factory in .Albu- 
querque which has been idle 
since it was completed a year 
ago. New production lines in 
Oregon and Phoenix will also 
he brought into action. 

The increased orders cover 
a broad range of products and 
geographical markets. "No par- 
ticular product area or market 
is showing dramatic growth." 
said the company. 


• MITEL CORP, the fast grow- 
ing Ottawa-based telecommuni- 
cations equipment group which 
also has plants in Europe, re- 
ports earnings of C$5. 4m 
(U.S.S4.2m) or 15 cents a share 
in the first quarter ended May- 
28. against CS4.2m or 13 cents a 
year earlier, writes Robert 
Gibbons in Montreal. 

Sales were C$53m against 
CS40m. The company said first 
quarter results were in line 
with forecasts, and it is confi- 
dent that sales in the full fiscal 
1983 year will grow by about 
50 per cent. 

Growrh is expected to con- 
tinue throughout the year. 


Tandem Computer disappoints 


BY OUR SAN FRANCISCO CORRESPONDENT 


TANDEM COMPUTER’S third 
quarter revenues show 50 per 
cent growth and earnings are 
expected to be about 20 per 
cent up on lflSl’s corresponding 
translation i S7.2m or 19 cents a share. While 


losses were put at S5.3m. I that performance may appear 
Sales of hospital and labors- ! laudable in a recessionary year, 
tnry products rose by 15.5 per ( it was enough to send the com* 
cent in the first half to S537m, ! pane's stock price tumbling 4.5 


while professional pharma- 
ceutical and nutritional pro- 
ducts were 8611m, up 8.2 per 
cent. 

Consumer, animal health and 
chemical product sales con- 
tinued to be sensitive, however, 
to weak economic conditions 
and the strength of the dollar, 
with first-half sales in these 
sectors of S87m compared with 
99ftm. - 

Results for the second quar- 
ter are well in line with the 
company’s forecasts. 

In 1981. Abbott earned 
5247.3m on sales of S2.3bn. A 
prime strength for the company 
is its leading share in the large 
U.S. market for pediatric 
nutrition a Is. 


points. 

Revenues were 54.5m for 
the quarter — "3 major short- 
fall behind what The market 


expected.” according to Mr 
Lawrence Roberts of investment 
bankers Harabrecitt and Quist 
in San Francisco. The analyst’s 
high hopes for Tandem were 
based on an extraordinary 
record of growth. The com- 
pany’s revenues grew by 91 per 
cent in 1981 and 95 per cent in 
fiscal 1980. Tandem’s success 
since lhe company went public 
in 1977 has made it a template 
for success among West Coast 
venture capitalists. 


Tandem has established a 
significant niche in the com- 
puter industry based upon its 
proprietary “non-stop" com- 
puters which incorporate back- 
up processors to assure con- 
tinuous operation. The tech- 
nology has made Tandem a 
leader in computerised trans- 
action systems for large indus- 
trial companies and financial 
institutions. 


GE sells air conditioning unit 


Giddings snubs 
Amea bid 

By Our New York Staff 


GIDDINGS AND LEWIS, the 1 
Wisconsin-based machine lool 
and engineering group, said yes - 1 
terday its board h3d rejected as j 
inadequate the $25 a share bid. • 
worth $262. 5m. made for its i 
outstanding stock last v.-eek by ■ 
Amca International, a U.S .- ' 
based subsidiary of the . 
Canadian Pacific group. 

Giddings and Lewis said the ( 
hid was "not in the best interest.? 1 
either of the company or its 1 
shareholders.” and urged share - 1 
holder- to reject it. The company 
said it had retained Goldman 
Sachs to help it explore ahvi- 
nslivc solution* — a hint that 
suggests it may now be actively 
seeking a friendly offer from a 
"while knight.” 


BY OUR NEW YORK STAFF 

GENERAL ELECTRIC, the 
leading U.S. electrical and 
electronics manufacturer, has 
agreed the sale of its central 
air. conditioning business to 
Trane Company of Wisconsin 
for SlOOru cash aod a 15 per 
cent slake in Trane, valued at 
i S53.2m at yesterday’s market 
| price. 

The electrical group said it 
I sold the business, which has 
] factories in Texas. New Jersey 
i and Arkansas, because its 
• operations were wholly in the 
residential sector. However, it 
1 would remain a major factor in 
the manufacture of room air 


Merck and 
Astra 
conclude 
drugs deal 

By Our New York Editor 

MERCK, the large U.S. 
pharmaceutical company, has 
Concluded a collaboration 
agreement with A.B. Astra, 
the Swedish drugs research 
company, to bring several 
Astra pharmaceutical pro- 
ducts to the 05. market. 

The agreement foresees 
that In about 19 years, the 
two companies form a 

separate joint venture to 
handle these and future 
products. 

In the first phase or the 
agreement. Merck will 
initiate studies in the U.S„ 
and complete the work neces- 
sary to obtain approval from 
the" Food and Drug Admini- 
stration for marketing Astra 
products in the UJ. 

Merck said the first pro- 
ducts to be developed under 
the arrangement would be 
Tocainide, for the treatment 
of irregular heartbeat, Zime- 
iidine, an antidepressant and 
JBndesonide, for the treat- 
ment of allergy, inflammation 
and Asthma. 

Merck would flint market 
the licensed products 
through Its existing Merek 
Sharp and Dome division, 
an d would later form a 
separate division for this 
purpose. 

When appropriate sales 
levels bad been reached, the 
new division would be trans- 
fered . to the joint venture, 
which wUl be equally owned 
by Astra and Merck. 

Astra would continue to 
grant to the joint venture 
company licences to develop 
and market future products 
of its research programme in 
Sweden, and Merck would 
manufacture the products for 
the joint venture. 

Astra and Merck first 
announced an agreement In 
principle regarding the pro- 
posed agreement in April 
198L 


U.S. QUARTERLIES 


ABBOTT LABORATORIES 


conditioners through a separate 
division in its major appliance 
business group. 

Shares in Trane opened 5$ 
down at S2S in New York yes- 
terday. General Electrics pur- 
chase of a 15 per cent stake 
would -.eem to block the likeli- 
hood of a takeover move by 
O'Connor Securities, a small 
options trading partnership 
which was rumoured as a 
potential bidder after building 
up a stake in Trane. O'Connor 
disclosed yesterday that it 
bought more Trane shares on 
the day before the General 
Electric deal, bringing us stake 


to 9-2 per cent. 

General Electric said it would 
not increase its stake in Trane 
to more than 25 per cenL Both 
companies stressed that their 
discussions started some months 
ago and thus pre-dated the dis- 
closures by O'Connor. 

Trane operates solely in the 
air-conditioning industry, pri- 
marily in commercial, institu- , 
tional and industrial markets. 1 GEN ERAL MIUS 
Last year it earned S37.2m on ] 

‘.ales of 8807m aod earnings 



1982 

1981 

Second quarter 

. S 

S . 


549.0m 

579.0ra 

Net profits — 

71.2m 

60.7m 

Met per share 

0.58 

0.49 

Six months 



Revenue ...._.. 

1.23bn 

1.13bn 

Net prahu — .. 

134 9m 

116.6m 

Net per mars 

1.10 

0.94 

DOW JONES 


1382 

1981 

Second quarter 

S 

S 

Revenue 

183 6m 

160 . 6 m 

Ne t profits 

24 0m 

19 9m 

Net per share ... 

0.76 

0.64 

Six months 



Revenue 

354 3m 

303 9m 

Not profits 

42 lm 

34.9m 

Net per share 

7.33 

1.12 


Fixed interest Eurodollar 
bond prices marked up 


BY ALAN AUEDMAN 

THE Eurodollar bond market 
saw prices of fixed Interest 
bonds marked £ to } points 
higher yesterday, but bankers 
warned that it was too early to 
describe the Improvement 3s a 
rally. Prices of top quality 
paper fared especially well and 
prices of some triple- A names 

were up by one point on the 
day. 

The recovery followed Fri- 
day’s S3.7bn drop in the U.S. 
M-l money supply. The six- 
month Eurodollar deposit rate 
closed at 14? per cent last night, 
down nearly a point since Fri- 
day and down 150 basis points 
on last Thursday. 

New issue managers remain 
wary, however, and several view 
tbe current' improvement in in- 
terest rates as “ artificial.” The 
improvement is widely attri- 
buted to the U.S. Federal 'Re- 
serve pumping money into the 
markets following nervousness 
last week about the health of 
Ibe North American banking in- 
dustry. 

The Eurodollar bond sector's 
upturn was not investor-led, 
according to most dealers. “I 
will believe it is real when the 
Fed changes its policy in a 
decided manner and when the 


investors start returning in 
numbers,” commented one 
trader. 

North American bank bonds 
and floating rate note issues 
recovered by about i point on 
average after Friday's selling, 
but several 'Eurobond houses 
continued not to trade tbe paper 
of the Canadian Imperial Bank 
of Commerce. • Continental 
Illinois’s 1994 FRN issue closed 
at 98J to 98 f, up around i 
point on Friday. 

The much-rumoured $50m 
fixed-interest issue for Sumi- 
tomo Bank did not materialise, 
but London -based bouses are 
said to be hoping for a mandate 
today. 

Creditanstalt Bankvereln 
came to market with a 575m 
8 -year 15J per cent issue at par 
•through European Banking 
Company (BBC) and S. G. 
Warburg. ' 

The Creditanstalt paper 5s 
callable at the borrower’s option 
after the fifth year and involved 
an interest rate swop with a 
U.S. corporation which EBG 
would not identify. 

The Austrian bank has agreed 
to service the unnamed U.S. 
corpora Kon's floating rate bank 
debt, while Hie corporation has 


agreed to pay the 15* per cent 
fixed coupon rate, phis a front- 
end fee and some of the interest 
on the floating debt. The 
corporation’s all-in cost comes 
out at around 16 per cent, while 
Creditanstalt pays an attractive 
rate at around the six-month 
London interbank offered rate. 
Chemical Bank International is 
understood to have acted as 
intermediary in the transaction. 

In Hie Canadian dollar sector 

a CS30m five-year issue Is being 
offered by Wood Gundy for- 
Canadian Utilities, the Alberta 
gas and electricity group. The 
indicated coupon is 17} per cent 

In the Eurosterling bond 
market a £30m five-year issue 
was brought to market last night 
for Tenneco. the single A -rated 
U.S. diversified industrial and 
energy group.. The coupon is 
14} per cent at par and lead- 
managers are Morgan Guaranty 
and S. G. Warburg. 

Euro D-mark and Swiss franc 
prices were up J to 4 point as 
the U.S. dollar weakened against 
both currencies. A DM 200m 
World Bank issue is likely to be 
launched today or tomorrow by 
Deutsche Bank and the current 
market would appear to suggest 
a coupon of around 9} per cenL 


tbros fills Eurobond vacancies 


BY OUR EUROMARKETS STAFF 

HAMBROS BANK has moved 
to 'fill the vacancies in its Euro- 
bond division . caused when 
seven senior executives de- 
parted en masse last month to 
form a new London-based 
investment bank for Skandi- 
naviska Enskilda Banken. 

Mr Ian Schmiegelow, a 
Hambros director, has taken 
charge of international bank- 
ing and new issues, a position 
which has been filled tempo- 
rarily by Mr Rupert Hambro, 
a deputy chairman of the bank. 

Mr Barry Dickson, formerly 


a deputy to Mr Christopher 
Carter, has been appointed as 
head, of Eurobond .sides and 
trading operations. Mr Andrew 
Martin Smith -has bees trans- 
ferred from Hambros’ corporate 
finance division to the bond 
side, where he will manage 
underwriting and new issue 
syndication. 

Mr David Brooker, who 
joined Hambros recently from 
Robert Fleming, is the bank's 
new dealer in floating rate note 
issues and . certificates of 
deposit. 


Ms Eva Robertson, who joined 
last week, takes over trading 
in D-Mark and Dntch guilder 
paper. 

Mr Rupert Hambro said last 
night that the bank had not 
"gone out to hire anyone 
because of the departures. 
These are all people who were 
coming anyway.” 

• Mr Piers Cartlidge. formerly 
a vice-president of Credit Suisse 
in Zurich, has joined Sodi tic’s 
bond division in Geneva. 


FT INTERNATIONAL BOND SERVICE 


Hie list shows the 200 latest international bond issues for which an adequate secondary market 
exists. For further- details of these or other bonds see the complete list of Eurobond prices which 


will be published next on Wednesday August 18. 


.Closing prices on July 12 


1 SB 1-82 19BO-81 


quarter at S7.5m despite tbe 
slack conditions of the industry. 


Profits setback at Hammermill Paper 


BY OUR FINANCIAL STAFF 

HAMMERMILL PAPER, a lead- 
in? producer of fine and indus- 
tnul papers, reporis a decline 
of 24 per ceni in nei profits 
for lhe second quarter of i982. 

On unchanged revenues of 
.s3”3m nci «*.'.mi!i 2 *i dropped to 
siu.ora from 8 13. 7m — confirming 
the rrerd <et hy .’rading m the 
opening quarter when Hammer- 


mill was hit by soft demand 
and rising costs. 

Hammermili blames Me ?■?’• 
bavk on the recession. ire 
-umnv.-r ntnR-h-v rer. hr? 
'radiuonally period* o: lower 
dvniHRd ami re«iuev«£ cperaTiti? 
.-ch-?d».i v.iil he -»vsr more 
•l.afi'.'ul* :hi- ye-r.” 

.»* i r-.-iu : * r.orr.w' • ..-iti'ir 
<-!osinz I be eT.en^e- sr.d 


it is likely that additional 
reductions in operations will be 
required. Under these con- 
ditions. rhe company says it will 
be difficult lo achieve a sati.*- 
facTOry level of earnings for 
rhe ihirq quarter. 

N'e; earnings for rhe halt-;. ear 
roial SI 7.6m. ngam-'t $24.4m. 
Thi-i year's results exclude an 
extraordinary credit of S3.7m. 


Richard Lambert explains the increased Paribas and Warburg stake 

Becker back to business as usual 


have h^en 
rumours-. 
Bui v.-hd! 


WARBURG Pa riba.-. Becker had 
recovered from Ms moment of 
embarrassment by the end of 
last week and back '.o 

business as usual. Bui 'he 
experience had been distinctly 
uncomfortable while it la -ted. 

Tbe problems of the Becker 
group, a nig investment house 
in which Warburg and Paribas 
have had a significant s'.ake 
since 1974. only became public 
a few weeks ago. It had been 
building up for months before 
that however and reflected in 
large measure the general 
malatse of the U.S. securities 
industry. 

On the broking side. Becker .890m. pins the 
has been suffering like other ■"■f having the 
firms from a contraction m pri- 
% si e client bu?mcss. which is 
generally more profitable than 
act mg for big inv estment 
institutions. 

It nl«;o been -queened on 
’.is net interest income, as 

clients have increasingly been 

switching Sheir idle cash into 
money market fund'. Becker 
has probably been slower than 
other firms in offering cl ten is 
alternative homes for their 

money. 

In addition, its expense? had 
been rising for some time, 
partly a? a resull of an ambi- 
tious investment program. me 
designed in update the Ann's 
technology. 

Although Becker apparently 
singed i!» lingers at the time of 
the U.S. S '.cel -Marathon bid 
hattie. ; t. has not suffered any 
real blows -p. the turbulent 


conditions of 


stock market 
recent months. 

In 'he i.iie .-prut 2 . however, 
roughly 250 of the firm'- 2.700 
or sn cmjal »iecs were laid off *o 


a.— are the .r.v-.-‘r,er,: •.■om- 

mun;'.y -’h'c ” r-' orv. - weT-e 

ItlAttiiOarie H;= ~ ? g -. -Q 

me Prc-- 'X n-? 20 .*i:.«*rd 
more q-iv?*:er,.< *r.3r. :• 


whs: 
rea I ' v 


Time 


for the first 
quo -l ion of \ 

might be in .-time sort of 
difficult - .’. 

The nolditic company. A. G. 
Becker-V.’arhurg Paribas Bc-ker. 
ha« sha r e holder-' funds of •■'.».*r 
added security 
names r, r t-*o 
major international institution.? 
•■n 1 1- notepaper But in the 
months following -he dels it It of 
Drysdale Government Set uri- 
nes. V.'ail Siren' has been 
nr*.-n;u*-d to list*."' to Atones 
a hour almost an; one. 

A numbe*- of cujtr.ir.ers irr me- 
dian?'}- reduced their free cn-h 
hairt nccs left v. ; : n the group, 
bur more di'conccr'inj a: this 

.-cnaj-ive time ••a- public ssecu- 
'aiinn about the firm’s financial 
position, which continued even 
after the New York Stock 
Exchange expressed its confi- 
dence in Bi'eke-’V sigiu" A* tins 
point. Mr Ira Wender. president 
ar.d chief executive, made whei 
seems to have beer, a tact tea; 
error. 

fn deciding >n break ?. Ir.ng 


nd ihaj 

D1JV 

;in-'.orO' 3 . .‘■.-.-sever. Ir. 3 a 


siarteri 

lhe 

■ar. i:e 'a.i tin- ’ r - 

n.~ 



oxporiod ■ 11 .r- s e -ir.Iy >2 

1 . 

set t'n. 

c.il 

r. n .e Si ih‘ ir.or.:- . .T-.;r.e 

'7li! 

■*as £ j 

■*-cu- 

•ltd noi m^-tii-r. ”i« 

• — 

cpnrt 'Ahii.-h 

-A-rici: ynv.*r:*?d 5 fc* 


rj, i ;ed 

the 

Inter — 'V a - the 


r tiie e 

roup 

been »'ini» ?. rr. '.red’s r 

: :o r 


a n.-«rgan:-rition 
per;-:on 5 '<*'*r-g 
been overfunded, 
tiie end 


trie reorganisation was com- 
pleted when Mr Vender, aged 
54. handed in nt» resignation at 
3 board meeting in Chicago. 

An outstanding corporate 
and ra:; lawyer, his connection? 
v.uh Warburg and Panba? di;e 
back to before 1974, and he a ,i? 
an obvious choic- as their board 
representative when they made 
•heir investment in Becker. 
Four years later, he look o*er 
a? pre?idenr. 

The way he has '(>*►. n rep!ac-;l, 
howv.-er. -beds !ig!i: un some of 
■he problems faced hy the firm 


Fourth quarter 

S 

* 

■ Revenue 

.... 1.24bn 

7 26b n 1 

1 Net profits 

34 7m 

37 0m I 

Net pei share 

0 68 

0.73 

! Year 



, Revenue 

5 31 bn 

4 85bn 1 

: Net profits - 

... 225 5m 

196.6m [ 

' Net per share 4.46 

3.90 ! 

1 HARRIS BANKCORP J 

1 

1962 

1981 

Second quarter 

S 

* 

Net profits 

8 88m 

6 .56m ! 

Net per share — 

-. 1.35 

0.96 j 

Six months 



Net profits 

.„ 18.5m 

14 8m 

Net per sfijra 

2.87 

2.17 j 

MGM-UA ENTERTAINMENT 

1 


1961 -82 

1980-81 * 

Third quarter 

S 

9 1 

Re.?ruo 

... 154 8m 

45 4tn i 

He: profits 

.. f4 atm 

3 45m 1 

Nr: o?r 9' .re 10 09 

0.10 ; 

Nine months 



Revenue 

... 55; 5m 

159 5m , 

•In’, profits 

... 40G.0CO 

12 7m t 

.*•?.' Of i -are 

0.0! 

0 38[ 

PARKER DRILLING 




1961-62 

1980-81 : , 

Third quarter 

S 

s 1 

r'/eCnnf 

.. «.S7€m 

149 6m 1 , 

Net c-o'-ts 

.. 21 i3m 

20 49m . 

Net per i-iare 

0.74 

0.71 1 , 

Nine months 


1 

Pe\e->uc 

.. 4K 2m 

427.3m ; 

Ne: o.-ot'ts 

... 66 94 m 

57.25m : 

Net per jnjre 

2 32 

1.99 1 

PIONEER HI-BRED INTERNATIONAL 


1991-82 

1980-81 , 

Third quarter 

S 

s ; 

Revenue —...... 

_ SSO.tTm 

223 5m ; 

Net prul.rs 

» 5$ 8m 

34.3m 1 

Net cer jnjre 

I 87 

t.oa 1 

Nine months 



Reveiue 

. 573 0m 

448 2m 

Net prrfits 

.. 81.1m 

62 4m j 

Net per sfiane .. 

2 54 

1 96 j 


U.S. DOLLAR 
STRAIGHTS 
Aatna Lila 15 86/87 
Amax Inr. Fin. IB*. 92 75 

Amex O/S Fin.- 1fl« 89 TS 

ATT 74>, 89 4CO 

B»l-er Ini. Fin. 0 0 92 22S 
BMP Fmjnce t4>, B9 ... 

Bl . Amer. NT SA 12 87 
Bk. Momraol 14b 87 .. 

Bqtie. Indo Sunz 15 89 
British Cal. Hyd. 14’, 89 
Burroughs Int. 1S*« 88 


150 

200 

100 

ICO 

200 

50 


CunadJ 14’. 87 750 


Cjnadjir 15 1 ! 87 
Canjdixn Pac. 14S 92 
Carolina Power Ift 89 

C1BC 16 87 . . 

Citicorp O S 15 84/92 
Citicorp O/S 15*, 85/97 

CNA \<F, 97 

Con Illinois 151, 89 ... 
Duka Pwr. 0'S 15b 89 
Dupont O/S Coo. 0.0 90 
ECSC 14’j 87 (April) ... 
ElB 15’-* » 


G«n Eiac. Credit 0.0 S3 
Geliy Oil Int 14 39 ... 
GMAC O/S Fin 16 88 

GMAC O/S 15i, 85/97 

GMAC O/S Fin. 15 89 

GMAC 0,5 Fm. 15 87 

Gull Canada Lid 14*, 92 


Gulf Stales O-S 16 90 
In [Am Dw. Bk. 15b 87 
Japan Dav. Bk 15b 87 
New Brunswick IK, 89 
Onijrio Hydro I4 J , 39.. 
Pic. Gas & El. 15*; 89 
Phillips Petrol 14 39 
R J. Hynlds. O.’S 0 0 92 
Saskatchewan 16 89 ... 
Shell CdOadJ 14’, 92 ... 

Sp.-ir 15», 87 

Suoerior 0-S Fin. 14 89 
5wed E»o Cr. ‘Ft 8 9 
Swed. Exp. Cr 1**, SO 
Sv.-ed Exp Cr 0 0 94 
Texas Eastern 1R 89 .. 
U" 'On Carbide 14*4 89 
Wells Fargo I. F. 15 87 
World Bank i*i« 87 ... 
World Bank 15V 88 


Chang* on 

Issued Bid Offer day week Yield 
150 101^ 102t«-+0^ +0*714.26 

98 98', +0', +0*. 16.60 

95>s SB 3 ! +0P* +1- 15.36 
703*1 104 +1 +1’, 13.32 
28 26S O -O^ VL32 

95'. 98*. 40*. 41 15.68 
90*. 91?, 40*, +1 t, 14l76 
95*« — 0** —O', 16JJ8 
98% 97*. 41', 411,15.71 
96*. 971, -ot, +OS 15.49 
IDO*, 10 i 40V +0V 15.47 
96V SB*. 41V 41V 14.77 
99V 100V 40V 40V 15.42 
94V 95V 40V 40V 15.68 
101V 102V 40V 41V 15.94 
97V 98V -IV — 2V 16.52 
100V 100V 40V 40V 14.45 
100V 100V 40V 40V 16.07 
971, 97V 41V 41V 16-28 
98 9BV -0V —2 16.13 
96V 97 47V 42V 18.27 
3SV 38 40V 40V 14.53 
97V 97V 40V 40V 15.43 
99V 100 40V 40V 1550 
97V 97V 41V 42 15.10 
.28V 29 40V 40V 13^7 
24V 25V 40V 40V 14.03 
97V 97V 40V 40V 14.54 
102 102V 41V 42 15.30 
99V 99V +0V 40V 15.44 
96V 97V 40V 46*, 15.74 
98*, 99V 0 40V15JS 

98V 96V +1V 41V 15.40 
97V 38'. 40V-+PV 14.W 
27V 28V 40V +OV 14.07 

tasv 96 4ov -ov is sn 

98V 98V 41V 42V 16.44 
102V 103V 40V 4 IV. 14.52 
102 102V 41*. 41 18.81 
97*. 97V 40V 40*, 15.29 
101V 102 41V 41V 15.02 
96 95V 40V 40V 15.13 

27V 28V 40V 40V 14.23 
101V 102V 40V 40V 15.44 
35V 95V 40V — OV 1529 
®V 99V 40V 40V 15.87 
95V 95V 41V 41V 15.10 
98*j 99V +0V 41V 15.47. 
94V 55 40*4 40V 16.94 
20 20V O 40V 14.88 

101V 101V 40>, 40*4 IS 38 
99», 99V 42 42V M93 
9BV 99*4 41V 41V16JW 
98 96V 4 0*« 40V 15J6 

100 100V 41V 4 IV 15.11 


150 

75 

BO 

100 

100 

125 

75 

100 

80 

300 

80 

150 

50 

400 

400 

125 

ISO 

100 

125 

100 

100 

175 

300 

60 

56 

50 

75 

150 

46 

200 

400 

125 

125 

100 

125 

too 

100 

200 

m 

150 

75 

500 

SO 


.OTHER STRAIGHTS Issued 
.-. Ball Canada 18 83 Cf _ 100 
Can. Pac. S. 16V 89 CS 50 
-Crd. Fonder 17V 89 CS 30 
Gaz Metro. 17V 90 CS 20 

OKB 16V 88 CS 83 

. Q- Hyd. 16V 89_(My) CS 50. 
quabec Pro*. 16V 89 CS SO 
U. Bk. Nwy. 9V 90 EUA 18 
’ Amro Bank 10 87 FI ... ISO 
Bk. Maes & H. 10 87 F| 75- 

Euro lima 10V 89 Ft so 

Ireland 70V 87 FI 75 

Phil! Lamps 10V 87 FI... 100 
World Bank 10 87 FI ... 150 

OKB-14 88 FFr 400 

Solway ax C. 14V 88 FFr 200 
Beneficial 14V 90 C fO) 20 

BFCE 14V 87 £ 30 

BNP 13*i 9t £ 15 

CECA 13V 88 C 20 

Fin. Ex. Cred, 13V 86 £ 15 

Gan., Etec. Co. 12V 89 E 60 
Hiram Walker 14V 88 £ 25 

Norak Hydro. 14V B7 £ 30 

Prwatbanken 14V 88 £ 12 

Quebec 15V 87 £ 35 

Read (NdJ NV 16V 89 £ 25" 
Royal Trustee 14 86 £... 12 

SOR France 15V 92 £... 30 
Swed. Ex. Cr. 13V 88 C 20 
Eurofinu 10V 87 LuxFr 600 
EIB 9*4 88 LuxFr 600 


FLOATING RATE 
NOTES . 

Allied Irish 5V 92 
. Bk. of Tokyo 5V 9) <D) 
Bk. Nava Scotia 5V 93 

BFCE SV 88 

BFCE SV 87 .._ 

BNP 5*4 89 WW 

Caissa Not. Tele. 5* 4 90 

CCCE 5V.2002 - 

CEPME 5V 92 

Chemical NY 5V 94 ... 

CISC 5V 94 

Coni. Illinois 5V 34 ... 
Credit Agricola EV 97... 
Credit du Nord 5V 92. _ 
Credit Lyonnais 5*, 97... 
Credit Lyonnais 5V 94... 

Credit Nat. 5V 84 

Ireland 5V .89/94 ;. . . 
Kjiisellis Osake 5V 92 


Change on 

Bid Offer day weak Yield 
t97 97V O 0 16.64 

t97V 98 0 40V 16.90 

f9BV 98V 0 0 17.33 

]9Z 97V 40V 40*4 17B1 

197*4 97V 40V 40V 16.93 
199 99V -OV -OV 16.65 

199 89V 40V -OV 16.64 

92V 93V 0 40V10.S5 

99V 100*, +Q1J +1 9.98 

98V 9B 7 * 40V 40V 10.36 
100*, 101 40V 41V 10.32 
97V 98V 40V 40V 11.01 
100V WV 40V 41V 9.95 
98V 9SV 40V 40V 10J6 
92V 93V 0 0 16.84 

92V 93V 0 0 17.49 

88 89 40V +0V 16.84 

100 700V 40V 41V 14.37 
95V 95*. 40V 41V 14.40 
SS*, 96V 40V 41V 14-43 
97V 98V 40V 41 14.46 
94V 95 V 41V 42 13.68 
9BV 99V 40V 40V 14.50 
100V 100V 40V 41V 14 34 
96V 97V +OV 40V 15.27 
102V 103V 40', 40 7 , 14.55 
105*1 106V 40*, +1V 15.27 
99V 100V 40’ : 41V 14.01 
101V 101V 40V 41V 18.78 
98V 99V 40=, 41V 14.09 
9SV 9SV HJV-OV 11.59 
8ZV 83V -O'. — OV 11.46 


Average price changes... On day 40V on week 40V 


RESERVE OIL 8 MINERALS 


Third qn 

?!«■: Ji;fil5 

rial aer sr.a,« 

Nina months 

3e(ie>-«e . . 

Net arorifs 

No- oer snare 


1981-82 

$ 

, 12 5m 

1V54 

, 570 000 
18 3m 
15 14 


1980-81 I 
S ! 
12 4m * 
11 43 

£6.000 
19 7m 
15 65 


ROADWAY EXPRESS 


DEUTSCHE MARK 
STRAIGHTS 
Asi«n Oev Bank 9V 92 

Australia SV 91 

Aust-.a 8V 92 

Barr iff vs O/S In 8V 3* 
Bowater Int Fin. 8V 89 

Canada 8*: 89 

Come Tel. Esp. 10V 92 
Cred Fancier 8V 92 ... 
Oe-irajrfc 10V 92 . ..... 

EOF 9V 92 

ElB SV 92 

• Int -Am Dew. Bk 9 92 
Nocnt Financiers 11 90 

Norsk Hydro OV 92 

j Philips Lamps 8V 92 ... 
Philip Morns 8>, 90 ... 

j Quebac :0V 92 

I Renre 10 92 

1 SNCF 8V 93 

‘ Tauemaulobahn 9V 94 
: Tennoco Int. 9 92 ...... 

•/.'□rid Bant- 9V 89 ... . 


Pi'riha* drrl V.'dr t-r*.' 


sn reteni years 

In fhe 



Recrier « m; nu j 

emonr -ttr'ir.-iurv 

“acr. 1 .a 7. i-d cer.: " ■ 

- • •• y 

*ia-* h*.en shap*-- 

! like a jiyrair.irt. 



ar.r; at fne 107.- 

was a mart with 



a tear! rernpr 

:han an 


• ^ - - 

reen; bju'kgrnund. 

p*t v-n: — tii or. i-y".- 


In iuntraai. 

the group *-iI 

.:nm ■'* p-r :vg’ — 

-cor. 

r.nv.- bv run hy 

a man a ae men: 


Second quarter 

R*vc«..,r . . .. 

■Je: prc'its ... . 

.N?" Per sr-jie 

Six months 

p^vnnue 

p-o' rs . . 

Tie: :<-i sharr 


1981-82 

S 

. 273 9m 
. IS !8m 
0 97 


1980-81 

9 

269 9m 
18 Sim 
0.94 


f I world Bonk 8«; 92 


Awaga price changes. 


Change on 
Issued Bid Offer day week Yield 
150 98V 99*. 0 40V 9 40 

200 102V 103*, 40t, 40*. 8.80 

100 95V 95V 40V 40V 9.08 

TOO 95V 96V 40V 40*, 8.91 
SO 95V 96V 40V 40V 928 
200 102 102V 40*. 41V 8.02 
100 100V 101V +OV 0 10.27 

100 86 96V 40V -OV 9.32 

100 102*. 103V 0 40V 9iS8 

100 10DV WOV 0 0 9.78 

100 86V 98 40V 40V 906 

150 97V 98 O -OV 9.37 

150 97 97V 40V 40V 1101 

100 98V 98V 40V 40*. 8.75 

100 98V S8V +0V 40V 8.75 

100 99*. WOV 40V 40V 8.20 

ISO 102', 103V 40V 40V 907 
100 100V 100*. -f OV 40V 9.91 

100 96 96V 40V 40V 8.19 

50 101V 102V 40V 0 905 

100 98V 98V -WV 40V .9JS 

TOO 100V 101*. 401, -OV 9J33 
200 95V 98V 40V 40V 9.17 

On day 40*, on wreak 40V . 


OV 
OV 
OV 
OV 
OV 
OV 
ov 
ov 
tov 
01* 
rov 
ov 
ov 
0 s , 
0>« 
*ov 
.ov 
ov 

Lloyds Eurofin 5V S3 .. $0V 
Long Term Cred. 5V 92 OV 
J. P. Morgan 5V 97 . . 50V 
Nat. Wear. Fin. 5V 91... $OV 
New Zealand 6*, 87 .. 
Nippon Credit 5V 90 
Offshore Mining 5V 91 

PKbariken 5 91 

Scotland. Int. SV 92 

■Sec. Pacific 5V 91 ... 

Societe Generale 5V 95 
Standard Chart. 5V 9T 

Sweden 5V 89 

Toronto Domin' n 5*, 82 


Spread Bid Offer Cjdte C.cpn C.vM 
OV S8 98V 15/10 15.89 15 J7 
» 99V 8/12 15V 15.37 

98V 891, 29/10 15V 15-30 
98V 99t, 28/10 15 15.17 

J2 1 * 163S 

•198 98*, 6/11 15.19 15.48 
99 99>, 21 /10 15V 15.87 

88V 98V 11/12 15*3 15.61 

99 B8V 10/12 15.44 15.57 
»=, 99*i 23/9 18.69 18.70 
197 97*. 15/7 S', 5.40 

58*4 99V 24/9 1BV 16.54 
89 89*. 24/9 15.44 15.55 

99V «9 7 » 23/12 16^1 16.8S 
99V 99V 1/10 16 16.03 

99'. 100*. 1/1 16.94 16.92 

98V 99 9/9 14.69 14J7 

198V 98V 25/11 14>, 14.97 

99 99t, 6/11 15.31 15.43 

98V 99*. 29/10 17V 17J23 

W: 9BV 29/11 14V 14^3 

98*, 99V12/B 14V 14.7S 

99', 93V 15/7 15.19 15^3 

0*. 99*, 99*. 7/10 15.56 15.SS 

OV 9B>. «-*, 10/8 16.06 16.16 

OV 9SV 99>, 2/12 14.19 14.31 

OV 99-3 99V 17/12 16.81 15.91 

2S. 23/9 15J ‘ 15 57 

W 9B>, 28/11 15 18.11 

«* E S‘ : 1/9 15 - 31 1S.« 

S* S’* 99 « 7 « 15.08 

S 2?, I 5 - 31 1 s -« 

OV 98V 99V 11/8 18*j 16.54 


J 


f ’ 


/ 


I I 


...I 


Average price changes... On day +0*. on week 0 


TYCO LABORATORIES 


’raniiion 

Bib.+.-r'., 

Vi'entJi.-r 


r>r- 


.'Vcrccv «7o’Ji 
firahiliiy. Mr 
pi’citip’.ing ' r» 


; i rt ~ m.-r. 1 r: r ■ • ; . - r*: - ! ! r 
ifl7P-fi!i -*•-.« Me -v.3 -:z 
.it:ir<4it id'.T- agree:. v ;?r 
cc-riain sufeeuarj; :o ^ 

ver -en* -ii ti-,.- -;-.t : ]r.z zoz'.c 
roT3in L'.S fh. r: 

TTnv.pvnr. wit..- BeciTer .:irr;:r.r 
uni«r ;n*'rc.i*?r.g pre>-ur«?. '.re; 
devpiei ni«tnfh ;o .re infer.:* 
Jhi'ir <Ti:r,r,M*r:?n- by 
ih-»ir jnjr.r rt'.ldi'.g v: **. ™'?-: 
fn;ifi 50 per re r«‘ Tr».- p""..-- 1 

figure rii- r.r.f ' j y i'r I . 
but it *.v • 1 1 pmli.ic-y r;ii: h.* 
iisut'h fti'irt* 'n.sR 5u per ■.■en*. :r. 

; V|p f! r* • jn, n, ^ j ■ ^r|.” 

npnpMT 1 ;o:r* r -f 

$I-5ir. to r-iin;. . 


•.■■iRimiirei*. with iwo ccnrhiir- 
ni?n. Mr D.in 'lumi. 4”. hjs 
he«?n with Bockcr for !S venr- 
ha, hi;iii up ii> expjjndmg 
jgvwi.TieRt backing -.ide. and 
Mr .7onn H-.-imann. 53. ha* ji->o 
yp.-tre of experience :n 
in - . e>'-m**iit banl::ng unar; from 
500:15 as C-unpi roller of the 
Currenvy and Snperinfendc-n; of 
Bicks fi.*r N**w York Slate. 

Pnr'ba-, and Warburg may 
liifB u rj’hv-r more at five roie 
m :h*? running yf ihe bui-'ine. 1 ?. 
; a ::ne ai'ti their iruirej-ed 
“n.'-reh'ilriiRg. But lhe irientum 
.j :c rcti»:n ine Lirin'.s U.S. style 
man:-gemi.*ni. and alM.- to 
leave a sigr.uit’j.ii »ha-eho!t1ins 
in ;he hand* of U.S. munugera. 


1981-82 

Fourth Quarter S 

Pr-ffQ-.je 158 0m 

r.st prohti 6 96m 

o-.- •usre 0 69 

Year 

fi'ii,".., 

'*-■ P'?'-!? 

her Mr 

‘U NITED "TELE CONmtUAIICATlOWS 

Second quarter 

Sovcr ije .. 
flirt p* jlus 
Nrr art vn 

Six monrtiE 
*5rbu«inij<» 

NfT fltr gnnrp 


WACHOVIA CORPORATION 


SWISS FRANC 
STRAIGHTS 
Air Cjrario 6V 92 
524 8m 537 8m > Asian Dew Bank 7 92. _ 
30.94m 22.96m ; AucjIs; 7», 92 

1 56 1.67 . Australia 6V 94 

BNP S», 92 

' Cse Nat. t'Enaraia 7 82 

1380-81 j CFE- Mexico S>, 92 ... 

$ I Co-op Oenm.irV 8V 92 
95 1m . Crown. ZeUorhjch 6V 92 
5.51m . Europjrj; 7V 92 . ... 
0 60 . tnd Fun4 Finland 6’, 92 
j Japan Dow. Bank 6 '94. , 
552 2m 360 9m ■ Kobe City S'. 92 .... 

23 njro 22.59m ' Kommunlane 7V 92 ... 
2.56 2.GB i Lonrho Int. Fin 7V 32 
; Mitsui OSK 6V 9Z ... 

I Nfffrnsc 8V 92 ._.... 

1982 1981 < New Zealand 6 92 .... 

S S i Philip Moms 6V 92 ... 

603 Om 564 7m i Philip Moms 9, 94 ... 

45.4m 50 9m i Renta 7V 92 . . ; . 

0.56 066 j SekiBtii Pre. a*. 92 WW 

; She. Lux. de Cnt. 8V 32 
1.19tn l.lObn • Svenska Handels. 6V 92 
96 3m 152 7m ] Yroler Wasser 6V 92 
1.20 2.00 j VDFBrtberq Kraft BV 92 

Awaraga price chang 1 


Chang* on 

tailed Bid Offer day week YMd 
100 TOO*, -toil, +CP, o 6.T1 
TOO 101V 101*4 +0V +OV 8.78 
80 97V 97*. +0V +0V 8.16 

100 104V 104V 0 -OV BJ7 
100 96*. 97V +0V -1 7.18 

100 100V 100V -OV -ov 6.84 

M 97 38 +0V -OV 8.63 

25 1D4V HJSV +0V +1V 7.B2 
100 99V 99*. — 0*. -0*. 6.8S 

100 100V WOV +0»* -OV 7.17 
30 98V 99 -Hjr. -OV 6-94 

100 99 99V +OV -OV 8.10 

100 100V 101V -4-0*,' -(-OV SJJO 
35 7B1Y1QZ +2V +1V &97 
80 95V 85V +OV +0V ZJS 

tOO 9SV 99V O -OV 6-58 
80 94V SSV +OV — OV n rrt 

100 WOV 101 +DV +0V 5.88 
100 102V TOT, +0V +1*. 6.20 

WO W1V 101V +0V -HP* 6.08 
80 96V 97V 0 +0V 8^0 

70 TO3V 104V -H7V -0 > » 523 
80 W5 W5V -OV -OV 7M 
Via 97 97*1-1 -iv 7.14 
WO 96V 86V+0V+BV 6.71 
50 102V W2V +©V -OV 6-39 
... On day -HP. ow wea k 0 


CONVERTIBLE Cnv. Cnv. 

BONDS . date price 

Ajinomoto 5V 96 7/81 933 

Bow Valley In*. 8 95 .. 4/81 23.12 
Bridgestone Tire 5V 96 3/82 470 

Canon SV 85 1/81 829 

Canon . 7 97 — 7/82 748.2 

Ctiugei Pharin. 7V 96... 7/82709.6 

Fujitsu Fanuc 4V 96 10/81 5641 

Furukawa Sac. 5V SB... 7/81 300 

. Hitachi Cable 5V 98 2/82 . 515 

Hitachi Crad.-Cpn. 5 86 7/81 1612 

Honda Motor 5V 97 3/82 841 

Kawasaki 5V 96 9/81 229 

Marui 6 96 7/81 846.4 

Minolta Camera. 5 SG... 10/81 826 A 

Mi narco 3V97 5/82 8.16 

Mure to S», 96 .^..... 7/81 2168 

NKX GV 96 . 7m 188 

Nrppon Cbam,-C. 5 91. ..10/81 919 

Nippon Electric 5V 97... 2/82 - 846 
Orient Finance 5V 37 ... 3/82 tas 
S^pyo . Electric 5 36. -. .^10/81 GJ2 
Sumitomo Elec. 5V 97... 3/82577^ 
Sumitomo Mat SV 96._10/81 296.1 
Sw.fs 8k. Cpn. 6V 90... 9/80 wi 

Konisbiraku 6.SQDM ...2/82 585 

Mitsubishi H. 8 89 DM 2/82 263 


«. . Chg. 

Bid Offer day Pram 
£, SJr +5 12.79 

97V +0*. G8.4Q 
B2V 84=c -OV -1.8B 
91V +6*. 33.14 
98 39*i +7V 12.66 

99V. 100V +3 9.32 

81 83 +iv 16.07 

TO »V 0 -6.50 
faV 84V +3V 9.48 

+3V 17:55 
88V +5V 13.79 
65V +2 24 JO 

96 97V +3V 4.58 

61V 63 +1V 41.31 
f77 » +1V 31.92 

ST t 69 +3*, 26.38 
7TV 73*. +2Y-1B.54 
171 73 -Ml 43.08 

W 89V +-3V 1231 
». 88V +1V 8.77 
SSV « +2 15.23 

84 BSV +4V 15 X 
62V 64 +0V 46.54 
73V 75V +2V 29.00 
100 101 +1 9 . 8 O 

9»V SO*. -OV 38.H2 


Second quarter 

"of aralifs 
• iu: or' s'ljts 

Six months 

*1-: D'ci tj 

Nat car o'- are 


Less 


1982 

S 

14 1 m 
088 

70.0m 
t 87 


1981 

S 

14 5m 
0.90 

28 3m 
1.78 


Chanoc on 

YEN STRAIGHTS ' issued’ Bid Offal day weak YMd 

ElB 8V 92 IS 97V 98 +OV +OV 8.81 

int -Amar. Dew. 8V 91 W 101V 102V- 0 O 8.58 

J^san Airlines 7V 87... 9 85V 96 +8V — OV 9.05 

New Zealand 0V 87 ._ 15. 99V 100*, +OV 0 MO 

World Bank 8V 92 - 20’ • J8V 99V +0V +0*. 8^2 

Awaraga price chanpes... On <U]i +8V on week 0 


* **' , ' ,J hi»— preu.ous day's price, 

SU «" ied 8IRIW. 

« dw yiold to redemption ot rho 
mid-price: the amount issued is in imllionc ot currancv 
jm.w except ter Yen bonds where ,1 i, " button* 
^.ChaiWon w«k- Change oy« price 5 ' 

Floatino Rate Netw: Denominated in dollars unless otnnr 
■ ^ ta. Coupo n Shown is minimum. C -S B °,e 

nan coupon .becomes effective. .Spread^Manun ,K™ n 

in do,r « ra other- 

wtte indicated. Gh0: day -Change on day. Cnw du. 

'N^inJf amMnr« #r Sd Cnv P^” 

currency of share at SnJerSin ra^ in 

•" curr,n l efhsetive p a K 

pn^of t hi SJS.T- .-. bw ? ^ ,hB mo « wcent 











( 


20 




.June 30, 1982 


Xerox Corporation 


. fras sold te wholly-owned subsidiary 


WUI. Inc. 


to 


MCI Communications Corporation 


The undersigned acted as financial advisor to Xerox Corporation in connection 
with this transaction and assisted in the negotiations. 


Salomon Brothers Inc 


One New York Plaza. New York, New York 10004 
Atlanta, Boston, Chicago, Dallas, Hong Kong, London (affiliate) 
Los Angeles, San Francisco, Tokyo (representative office of affiliate) 
Member of Major Securities and Commodities Exchanges. 



Nippon European Banksa 

Boulevard duRegent40-1000Brussels-Telephone513 90 20 (10 lines) -Telex 61 393 614036Z522NHBBRXB-Daala , s62411 NEBBRXB 

Financial highlights 


for the year ended 31st March 1982 (in USsOOO's)* 


•• 31 March 1982 

31 March 1981 

Total assets 

€00,216 

308,280 

Loan Portfolio 

345,687 

177,191 

. Deposits with banks' • 

- T72.518 

• * 112,148 -- 

Capital and reserves 

10,364 

8,959 

Profit aftertax 

1,138 

' -6Z0 


•The above US Dollar amounts are calculated by converting ouraucRad balance sheets 
at Uie middle rata tar financial Belgian francs prewuSna on the 3lat March 19B2 


SHAREHOLDERS - . 

The Long-Term Credit Bank of Japan, lid and asfcfo subsidiaries .50%. 

The Europartnere Group 40% 

.Banco di Roma S 43 A 

(through its subsidiary Banco di Roma International Holdings A) 10% 

Banco Hispano Americano 

(through its subsidiary Banco Hispano Americano Holding Luxembourg SA) 10% 
Commerzbank AG 10% 

Credit Lyonnais 10% 

The Mitsui Bank, Ltd. 10% 


NEWJSSUE 


All these securities havingbeen sold, this announcement appears as a matter of record onty. 


OMRON 


0MR0N TATEISI ELECTRONICS CO, 

(TatdsiDenki Kabush ifd Kaisha). ... 

1,200,000 Depositary Shares representing ; 
6,000,000 SharesofCommonStodb 

. evidenced by B earer Pep osit aiy Receipts '. */ ; 


JULY 1982 


The NDdso Securities Cd, (Europe) I^d. . 

Hill Samuel & Co. Limited J^Iirier Handels- ujidFrai^^ 

Robert Fleming & Co. Limited 1 Goldxnw Sachs International Coxp; 

Kuwait Foreign Trading Contracting & Investment Co. (SAJL) Society Generale 

S. G. Warburg & Co. Ltd, Mitsubishi Bank (Europe) S A. 


U.&5200, 000,000 Guaranteed Floating Rate Notes 
Repayable at the Option of the Holder at Par 

. Commencing October 1982 - ■ 

Gticorp Overseas Finance 
Corporation N.V. 

(Incorporated with limited liability In' the Nether/onds Antilles) - 
Unconditionally Guaranteed by 

CITICORPO 

In accordance with the terms and conditions of the above- 
mentioned Notes and Agent Bank Agreement dated as of April 3. 
1980 between Citicorp Overseas Finance Corporation. N.V. and 
Citibank, NA„ notice Is hereby given that the Rate of Interest 
has been fixed at per annum and that the Interest payable 

on the relevant Interest Payment Date, October 13, 1982, against 
Coupon No. 10 in respect of U.5.$ 10,000 nominal of the Notes will 
be 05.5397.71. 


July 13. 1982 

By: Citibank. N A, London, Agent Bank 


CITIBANK* 



CREDIT GOMMEROAL DE FRANCE 

U.S. $30,000,000 Floating Rate 
Notes 1976-1983 

For the sk months 

1 3th July, 1982 to 1 3th January, 1 983 
the Notes will carry an 
interest rate of 1 6Vi6% per annum. 

: Listed on the Luxembourg Stock Exchange. 

By: Morgan Guaranty Trust Company of New York, London 
Agent Bank 


Companies 
and Markets 


Financial Times - Tuesday July 13. 1952 

INTL: COMPANIES & FINANCE 


FaUdands 
fillip to 
Panama 
offshore 
bankers 


By WHfiara Chblett, 
recently m Panama City 

One effect of the FaUdands 
war has been to give a fillip 
to the banking sector in 
Panama, a leading offshore 
centre In the Americas. An 
estimated $2_5bn flowed into 
the country daring the crisis, 
and focused .attention on 
Panama's role in an increas- 
ingly troubled region. 

Mr Arthur Giraldi, the 
executive vice-president ' of 
Banco Latinoamericano de 
Exportaciones (Blades), 
which groups together 206 
commercial and central banks 
from i-atin America and 26 
international hanks, says that 
money came from Argentine, 
Venezuelan and "Peruvian 
banks and from individuals 
who sh ifted portfolios fronf 
■the UK, the Cayman Islands, 
the Caribbean offshore centre, 
and 'the U.S. 

Banco de la Nation Argen- 
tina, the largest Argentine 
State bank, is understood to 
have transferred as much as 
$2 bn just before the Bank of 
England imposed a freeze on 
Argentine assets in the TJK, 
following closely on the 
Argentinian invasion of thfe 
Falfclands early in April. 

. Some money was trans- 
ferred from the UJS. because 
of fear of Washington adding 
weight to such UK action. 
Venezuela' and' Pern, which 
along with Panama itself, 
denounced the British cause, 
moved some portfolios as a 
precautionary action. 

“We are surrounded' by 
violence,” said Sr Mario de 
Diego, the head of the 
National Banking Commis- 
sion, “ but ' Panama is a 
haven.” 

Panama, close to the trouble 
spots of Guatemala and El 
Salvador, now has 127 finan- 
cial institutions, most of them 
involved" in the international 
money markets and in tax-free 
offshore business. 

Nine new foreign banks 
obtained international licences 
to operate from Panama last 
year, including the Mitsubishi 
Trust and Banking Corpora- 
tion of Japan. Many of the 
major Japanese banks have 
set up in Panama in the past 
two years, to pursue trade 
finance in particular. Japan 
has a" strong ' presence" in' 
Panama’s free trade zone at 
Cdlon, and I s showing-zateFest' 
in the idea of building a sea- 
level canal In Panama, to 
replace the present waterway. 

Tbe 127 Panama-based 
hanks bad total assets of 
S44.3bn at the end of March, 
compared with SSS.Sba a year 
earlier. 

The loans were mostly 
financed by bank deposits 
totalling $3&lbn at the end of 
March, the great bulk of them 
taken on the international 
money market. 

The establishment of Inter- 
national banking facilities in 
the U.S. last year has not 
taken away business from 
Panama, as was feared at first. 
Offshore business in the UJS. 
is not totally exempt from 
taxes as it is in Panama, 
which sits at the. dividing 
lines of two continents and 
two oceans, and In which the 
UJS. dollar passes current. ■ 
The pace at which banks ' 
have been coming to Panama, 
has been strong. Some 
bankers are beginning to say 
there are now too many. 

The Panamanian Govern- 
ment continues to welcome 
new banks with open arms. 
But the banking commission 
is scrutinising applicants 
more closely. 

The banking sector Is a 
vital port of the tiny Pana- 
manian economy. It employs 
8,500 people and accounts for 
8 per cent of the gross 
domestic product. “We have 
to be careful that banks do 
not misuse the prestige we 
have built up,” said- Sr' de 
Diego. 

Tbe commission has mooted 
the Idea of raising tbe. capital . 
base requirement of $Im for 
those banks with a general 
licence, which allows them to 
operate domestically and “ off- 
shore,” and $250,000 for those 

only involved .offshore, 

This would' be- "the first" 
change since the 1970 law, the 
cornerstone of Panama's bank- 
ing set-up came Into force. 
But bankers are not happy. 

“ We. fear, that changing the : 
law could open a Pandora's 
Box of other changes,” said 
one banker. 

Similarly, banks object to a 
new draft tar which would 
compel those with a . general 
licence to arrange a $20m 
bond Issue every two years, 
with a. 3 per cent Interest rate, 
to help develop Panama's 
depressed agricultural sector. 
The law has been approved ter 
the Legislature and only lacks ■ 
the signature of President 
Royo .-before coming into 
force. 

“It is not oar business to 
subsidise ■ agriculture,” said 
Sr Mario Fabrega, the vice- 
president of the Bankers’ 
Association. 

The : banks have made a 
counter proposal to the bond 
idea. A compromise may be 
reached, with the interest 
rate" in lfne with that used by 
the World Bank. "Panama 
must be careful not to kill the 
goose that lays- the golden 
egg,” said a European banker. 



pulls out of venture 
with Steyr-Daimler 



BY KEVIN DONE IN -FRANKFURT 


BMW, the West German high 
performance car and motor- 
cycle manufacturer, has pulled 
out of a joint venture . with 
Steyr-Daimler-Pucih of Austria 
to develop a new diesel engine. 

The two companies originally 
formed a joint venture in June 
1978 with a view to developing 
two series of diesel engines and 
embarked om (be building of a 
DM 750m ($302m) engine plant 
at Steyr in Austria. ' 

The engine brought into the 
venture by BMW will be ready 
to go into production before the 
end of the year and will be 
introduced next year into part 
of the BMW range. 


Development work on the 
Steyr engine has fallen far 
behind schedule, however, and 
the two -companies decided in 
February that Steyr-Daimler 

Puch should withdraw from the 
main co-operation. BMW took 
full control of the engine plant 
but agreed to form a new joint 
development company to work 
on Steyr’s ambitious direct 
injection four- and six-cylinder 
engine. 

Five months ago BMW said 
it hoped that the new engine 
might be ready for production 
by 1985-86. Even this schedule 
has- now been abandoned and 
BMW said that no production 


date could now. be foreseen. 
Certainly, it is unlikely to be 
ready for production before the 
end of the decade and BMW 
has decided to withdraw finally 
from the venture. 

Production of petrol engines 
started in May at the new BMW 
plant at Steyr and will ; help 
ease the production bottleneck 
at BMW’s existing engine plant 
in Munich. Much, of the- pro- 
duction at Steyr is aimed at 
third-party customers and BMW 
has already landed one major 
contract to supply 190,900 
2.4-litre turbo-charged diesel 
engines to Ford in the U.&i 


Zanussi suffers further reverse 


BY RUPERT CORNWEU. IN ROME 


ZANUSSI, Italy’s biggest manu- 
facturer of domestic appliances, 
yesterday produced new evi- 
dence of the troubles facing the 
industry when it reported 
halved net profits for last year, 
after 1980 results which in turn 
were sharply down on 1979. 

Net earnings of the parent 
company, Industrie Zanussi Spa, 
fell to L3.6bn ($2.6m), from 
L7.2bn in 1980 and L17.9bn the 
year before that. 

However, the company will be 
paying a dividend of ISO per 
share, the first payment to 
shareholders in several years. 
The company is 90 per cent 
owned by the Zanussi family, 
while 10 per cent of its L84bn 
capital is in the hands of Voest- 
Alpine, the state-owned Aus- 
trian group. 

Zanussi said that parent com- 


pany sales rose to LSSfibn 
($606m) from L745ba while 
group sales advanced by 17 per 
cent to LI ,408b n, of which ex- 
ports accounted for 57 per cent 
against 54 per cent in 1980. In- 
vestments last year rose to 
L105bn from L90bn, the com- 
pany added. 

The group’s underlying prob- 
lems revolve around the stand; 
still in the country's construc- 
tion industry, seriously affect- 
ing demand for new appliances. 
It has also been operating well 
below capacity in its colour TV 
sector, although it indicated 
yesterday that some recovery 
had recently taken place, thanks 
in part to the World Cup soccer 
competition. 

The company has also yet to 
settle its future ties in the TV 
and electronics sector with 


Indesti, the smaller white goods 
manufacturer which almost cok 
lapsed two years ago. 

• The executive committee of 
the Italian Banking Association 
(ABIl will today discuss the 
failure of Italy's largest private 
bank. Banco Arabrosiano. The 
committee, is expected to make 
public its official position on the 
issue. • 

The meeting follows the dis- 
closure over the weekend that 
a group of six private and 
public sector banks had agreed, 
to make adequate resources 
available “to face possible 
short-term needs of Banco Am- 
brosianb.” 

It is understood th3t Banco 
Ambrosiano's exposure ■— • the 
amount by which lending is un- 
covered by assets— amounts to 
jus.t under $lbn. 


Kloeckner 
sees maintained 
earnings 

By Our Financial Staff 

KLOECKNER, the West German 
steel group, expects profits for 
1982 to be at least maintained 
following a rise of 7 per cent 
in sales for the first five 
months of the year. 

Herr Joerg .Henle, chief execu- 
tive, made it dear at the 
annual press conference, how- 
ever, that tile company con- 
tinued to operate against a 
background of weak demand. 

Kloeckner expected 1982 volume 
steel sales to fall by between 
10 and 15 per cent from the 
.-7.4m : tonnes sold last year. It 
was' uncertain whether the 
light upturn in business that 
occurred during the second 
half of 1981, would be re- 
peated in 'the second half of 
this year, Herr Henle said. 

Optimism about real economic 
recovery at the end of 1982 
appeared based “more on wish- 
ful thinking than on reality.” 
Customers were holding hack 
worldwide for a variety of 
reasons, particularly in West 
Germany where offidal policy 
had Jed to a refusal to in- 
vest, he emphasised. 

For 1981, group net profits 
dipped to DM 41.1m ($16.5m) 
from DM 45m, following a 
sharply higher depreciation 
charge, which rose to DM 68m 
from DM 45m. 


Debt restructuring plan 
for Norwegian pulp group 


BY OUR OSLO CORRESPONDENT 


NYE TOFTE, Norway’s largest 
pulp mill, with an annual capft 
city of 250,000 tonnes of 
bleached long-fibre sulphate 
pulp, is attempting to restruc- 
ture its debts in order to avoid 
bankruptcy. It hopes to survive 
by writing off one-third- of total 
debt— about NKr 2bn <$312m) 
— and replacing it partly with 
fresh capital of NKr 300m. : 

Negotiations with .creditor? 
have started and are expected 
to last fbr up to four months. 
Nye Tofte, whose two-year-old 
plant outside Oslo is the most 
modem of its kind in Norway, 
has been hit by the collapse of 
world markets and by high in- 
terest rates. 

Half of Nye Tofte's produc- 
tion is sold to Norwegian custo- 
mers and the other half mainly , 
to other European countries. 
The company is partjOwned by 
the Norwegian state, /which has 
a 26 per cent interest, together 
with private Norwegian wood- 
refining Interests. . -f . 

Tbe financial crisis at Nye 
Tofte became publicly known 


a month ago, causing alarm 
among politicians. A month 
earlier . the Storting (parlia- 
ment) accepted that the state 
participate through an injection 
of NKr 52m of fresh capital for 
Nye Tofte — p^t of an overall 
NKr 200m- package. The poli- 
ticians are now asking whether 
ail known facts were .submitted 
to the Storting at the time the 
decision was taken. 

• Aker, the shipbuilding and 
offshore fabricating group which 
managed to reduce its deficit in 
1981. reports a modest profit 
for the first half of 1982. 

Operating profits totalled 
NKr 15m ($2 -3m) and at the 
net level the return emerged at 
NKr 5m — compared to a 
balanced result in each case 
during the- opening six months 
of 1981. 

For 1981,. Aker lost NKr 60m 
after tax, compared with a de- 
ficit of NKr 117.5m in 1980. As 
a result of contract delays and 
-increasing competition, the com- 
pany declared itself in April to 
be pessimistic about prospects. 


UBS bank bid 
goes through 

By Our Financial Staff 

UNION BANK of Switzerland's 
offer to purchase the out- 
standing stock of Eidgen- 
dessische Bank, a small 
investment and venture 
capital bank, has . been 
successful. 

Eidgendessische, which 

specialises in investment and 
venture capital with small and 
mid-sized enterprises, suf- 
fered a loss of SwFr 3.8m 
(81.8m) in the year ended 
March 1982. The" bank had 
profits of SwFr 2m in the 
previous year. 

The takeover completes a 
process of consolidation for 
UBS. Only 1.9 per cent. of 
Eidgendessische shares are 
now outstanding. 


U.S. $30,000,000 



ZENTRALSPARKASSE 
UND KOMMERZIALBANK-WIEN 


Floating Rate Siitfotfinated Notes Due 1891 


In accordance with the 
hereby given that in _ 
12th July, 1982 to 12th 
an Interest Kate of 1 
Amount per U.S. S5,( 


ovisions of the Notes, notice is 
six month Interest Period from 
nuaiy, 1983 the Nbtes will cany 
1% per annum and the Coupon 
be U.S. 5421.67. 


Credit Suisse First Boston Lhnftpd 
: Agent Bank . . . 



NEW ISSUE 


ff record only* 

" JnlyfsJLSSa 


420,OOOSHAEE 


Masstoe Systems 



okauton 


C0NV 




Preferred Stock 






i Eastman PAmESWEBB^ 

Incorporated 


J 


t 





21 




ur e 


HnaLcial Times Tuesday July 13 1982 . 

INTL; COMPANIES & FINANCE APPOINTMENTS 


:ruup 


ten business 


of CM 


BY ROBERT COTTRELL IN HONG KONG 


BANK OF CHINA, the inter- 
national bank of the People's 
Republic of China, has reported 
net profits for 1981 of 710.6m 
Renminbi ($37401} up 5$ per 
cent over the 4644m .Re nminb i 
reported for 1980. The 1980 
figure was in turn double the 
230.8m Remnlnah of 1979, 

Mr Bu. Ming, the bank’s 
chairman, said the growth rate 
reflected the ; expansion of 
China’s foreign economic 
activities, and the Tange of 
services offered by «je bank. 
He . said be looked forward to 
“an increasing- demand for 
foreign capital” as China 
restructures its -enterprises and 
renovates its technology. “ We 
welcome all our friends in the 
financial world to - co-operate 
with us in a positive way to 
broaden our financial relation- 
ships." . 

For the moment, said Mr Bu, 


Japanese 
bank profits 
well ahead 

JAPAN’S 248 banks. Including 
major commercial, provincial 
and trust banks, -have reported 
good gains in unconsolidated 
profits for the year ended March 
31, according to the Federation 
of Bankers’ Association of 
Japan. 

The association ’’ estimated 
their combined pre-tax profits at 
Yl,369bn ($5.4^), up 28-7 per 
cent from , the' previous fiscal 
year. Kyodo reports from Tokyo. 

Net profits totalled $657. 6bn. 
up 17.6 per cent from a Tear 
earlier. The " association 
attributed the gains to increased 
revenues from basks* foreign 
exchange and securities trans- 
actions. 

• The Hnance Ministry has 
notified Japanese banks they 
will each be allowed to open 
two additional overseas brandi 
offices, including. locally 
incorporated subsidiaries, in the 
two-year period ending March 
1984, Renter adds from Tokyo. 

This is a relaxation of the 
rules which permitted each 
bank to open only one overseas 
branch during the previous two- 
year period. 


foreign capital was used mainly 
for “the construction of key 
projects, the production of 
export, commodities .and the 

exploitation of natural 
resources." 

Bank - of China's loans and 
overdrafts rose, from 2L3bn 
Renminbi in 1980 to 33Jbn 
Renminbi in 1981 but in the 
trade finance sector letters of 
credit and guarantees remained 
almost static at 23ba Renminbi 
against- 22L5bn Renminbi. 
Foreign exchange loans aggre- 
gating UBj$3B7bn were granted 
in 1881, while the balance out- 
standing of Renminbi loans' to 
finance export commodities rose 
by &2bn Renminbi and other 
Renminbi loans by 530m Ren- 
minbi. 

Total assets at December 1981 
were 92£bn Renminbi ($47.8bn) 
up 21 per cent 

At the year-end, the bank had 


141 domestic branches and 22 
foreign branches and offices. In 
Hong Kong, it is a major force 
in both retail banking and in 
tbe provision of China -related 
trade finance. Last year it 
opened a New York brandi and 
a Paris representative office, 
and it also operates overseas 
in London, Luxembourg, Singa- 
pore, and Tokyo. 

One area of marked growth 
Sn 1981 was in trust business, 
where assets tripled from 
323.7m Renminbi in 1980 to 
11 bn Renminbi. Investment, 
trust and consultancy depart- 
ments bad been established in 
3S branches by the pnri of 1981, 
said Mr Bu in his annual state- 
ment, assisting with credit 
information, international leas- 
ing. joint ventures, compensa- 
tion trade, trust deposits, arid 
related activities. 


Bahrain bank achieves 
assets increase of 80 % 


BY MARY HUNGS IN BAHRAIN 


ARAB BANKING Corporation, 
one of the largest banks in 
Bahrain, has reported an 
80 per cent growth in assets, 
excluding contra items, to 
$6u3bn at June 30 from $3.5bn 
at the half-way stage a year 
earlier. Its target for the full 
year is $7J>bn against $4.8bn at 
December 31, 1981. 

ABC has been less aggressive 
this year than last in the syndi- 
cated Sending and securities 
market Total loans and 
advances grew in the first-half 
to $1.9hn from $lJ2bn a year 
eariier and the bond portfolio 
remained steady at around 
$300m. 

Instead, the bank is trying to 
diversify its activities, espe- 
daly in the field of investment 
broking, mergers and acquisi- 
tions. On June 22, ABC secured 
the services of a team of former 
Orion bank staff, led by Mr 
Fred Fisher, who is creating an 
investment division as part of 
Its London office. . 

Following the recent opening 
in London and New York, a 
full ABC branch is to open in 


Singapore by September, under 
the management of Mr Ahmet 
Arsan. formerly vice president 
Asia, of tbe First National 
Bank of Chicago. Authorisation 
for the establishment of a 
branch in Milan was received 
recently from the Italian 
authorities, and Mr Hatem Abu 
Said, formerly of Banco di 
Roma and the Italian satellite 
of the UBAI group, has been 
appointed general manager. 
The branch will he operational 
before the end of the year. 

Mr Abdulla A. Saudi, ABC 
president ami chief executive, 
who is also a director at Fiat 
the Italian group, said the 
volume of Italian trade with 
Arab countries, amounting to 
$3bu a year with Libya alone, 
warranted stronger Arab bank- 
ing representation than the 
modestly capitalised UBAL 
which was the only other Arab 
presence in the market 

Established in 1980, ABC has 
a paid-up Capital of $750m. Net 
earnings for its first 20 months 
of operation to December 1981 
were 5139m, and improved pro- 
fits are forecast for 1982. 


Setback 
for Alcoa 
project in 
Australia 

By Our Franca] Staff 

Alcoa ef Australia said yes- 
terday fhst Japanese com- 
panies it had approached had 
been - to make any 

commitment to its A$lbn 
(CSSLOZira) Portland ahnni- 
pi in i n KMfiter project because 
ef the depressed state of the 
world *iwmin fa«i market. 

Despite tbe setback, con- 
struction work is continuing 
and no decisions have been 
taken yet on deferring the 
project, said Alcoa. 

The company, which is 51 
per cent owned by Ahnni- 
nirm Company of America, 
said It is confident that it' will 
be able to attract partners 
once the market improves. 

It is still negotiating elec- 
tricity supply tariffs with tbe 
State G o v e rnment of Victoria. 
Tbe company came dose to 
^ ha n rift whig the project late 
last year because of a sharp 
disagreement with the State 
over prices. 

An interim settlement was 
reached under which Alcoa 
win pay 2^56 cents per kilo- 
watt hour which will rise in 
line with general electricity 
prices in the State. 

Alcoa is hoping for a per- 
manent settlement at a lower 
, price. 

Meanwhile, Associated Pulp 
and Paper Millf said p lans 
for an expansion of its 
Wesley Vale MIR in Tasmania 
in partnership with six 
Japanese companies have 
been shelved. 

Mr W. H. Thornton, 
APPftFs managing director, 
said that following the com- 
pletion of a feasibility study, 
APPM has informed both the 
Australian and Tasmanian 
state governments that the 
project is not viable at this 
stage. 

• The scheme was originally 
costed at some A$250m hut 
recent estimates have 
d imbed to A$375m. 

Mr Thornton said while the 
expansion of Wesley Vale 
remains a major part of 
APPSFs development plans, it 
will have to be delayed 
because the world pulp and 
paper market has deteriorated 
' rapidly since the scheme was 
first considered. 


British Olivetti chairman i international appointments 


Mr Rlceardo Beria has taken 
over from Mr E. Loll! as - chair- 
man of BRITISH OLIVETTI. 
Until he moved to England, Mr 
Beria was - chairman of the 
Olivetti company in Spain. Hr 
Keith Walkerden remains manag- 
ing director. 

¥ 

Mr Eric Williamson, managmg 
director of Hybritek, Oldham, 
Lancs, has been appointed presi- 
dent of SERTECH LABORA- 
TORIES INC, Salem, Massachu- 
setts, following the acquisition of 
Sertech by Hamilton Avnet He 
will remain managing director of 
Hybritek, and will divide his 
time between the operations on 
both sides of the Atlantic. It is 
his intention to run Sertech and 
its subsidiaries from his base in 
the UK 

* . 

ROYDS MANCHESTER has 
appointed Mr Brian Walker and 
Mr Brian n»na to the board. 

★ 

Captain John Dodsworth has 
been appointed chief executive of 
THE ESCOMBE GROUP from 
August 2. He will succeed Mr 
Trevor Hosktns who will remain 
as non-executive' chairman until 



.. , ' -w. s 
K -Sr." 



Captain John Dodsworth 

June 19SS. Captain Dodsworth 
was previously development 
director for Escombes after 
being general manager for 
Escombe McGrath's U.S. Gulf 
Service. He will be based at 
Escombe's London office. 

*■ 

INTERNATIONAL MEXICAN 
BANK has appointed Mr Jose 
Mendez Fabre as deputy manag- 
ing director in place of Mr Jaime 
Chico who has completed his 
secondment period and returns 
to Mexico City. 

★ 

Mr Derek Harris has been 
appointed national director of 
the NATIONAL ASSOCIATION 
OF BOYS’ CLUBS in succession 
to Brigadier E. G. B. Davies- 
Sco infield who is retiring on 
September 30. 

■k 

Mr Richard Morley who was 
until recently managing director 
of BL’s Truck and Bus opera- 
tions in Belgium, Holland and 
Germany, based in Brussels, hag 


been appointed managing direc- 
tor Of CHLORIDE MOTIVE 
POWER, based at Over Hulton, 
near Bolton. 

■k 

Mr Melvyn Hopley, a former 
commercial deputy- chairman of 
ICI organics division, will 
succeed Dr T. Harrington as 
chairman of HICKSON AND 
WELCH (HOLDINGS) on 
October I. 

★ 

Mr Richard Carr, chairman of 
Sandell . Perkins Group. Is the 
new chairman of the TIM BER 
RESEARCH AND DEVELOP- 
MENT ASSOCIATION. He has 
served on Trada council since 
1968 and has been vice-chairman 
for the past two years. 


• FRITZSCHE DODGE AND 
OLCOTT INC., New York, has 
appointed Mr Drew J. Otocka as 
director of marketing and 
evaluation-fragrance division. He 
was with Firmenich Inc. 

• FACrr AB has appointed 
Mr Leif Johansson manag in g 
director. Former managing 
director Mr Anders Scharp has 
been appointed chairman of the 
board. Two deputy managing 
directors have been appointed: 
Mr Stellas Horwitz and Mr Bo 
Sternfcrlnk. 

• Mr K. A. Severs has been 
appointed director of AES 
NEDERLAND BV and has 
assumed responsibility for AES 
operations in the Benelux 
countries, since June 1. From 


1975 until his appointment with 
AES Mr Severe was manager of 
the EDP division of Olivetti 
Nederland BV, 

• Mr Gus Bel has been 
appointed general manager of 
CASTELL LOCKS BV, the Dutch 
subsidiary of Halma. Mr _ Bol 
will be responsible for coordinat- 
ing marketing of Castell pro- 
ducts within .Benelux countries 
and West Germany. 

• DOME CANADA has 
appointed Mr IV. Fay Anderson 
as chief financial officer. Prior 
to joining Dome Canada, Mr 
Anderson was partner in charge 
of the Calgary office of Price 
Waterhouse Canada and vice 
chairman of the auditing firm's 
executive committee. 


This advertisement is issued in compliance with the requirements of the Council of The Stock Exchange. 

It does not constitute an invitation to the public to subscribe for or purchase any securities. 


Sarakreek Holding N.V 

Incorporated with limited liability in The Netherlands 


Sarakreek Is a company investing in completed, income-producing office buildings 
and shopping centres In the United States. Its gross assets at 31st December, 1981 
were approximately $219 million. Its shares are owned by a wide range of 
international investors. 


Authorised 

BflOQJQOD 


Shares of DfL 25 each 


Issued at 
13th July, 1982 
4,368,315 


Application wfll be made to the Council of The Stock Exchange in London for all the issued shares of 
the Company to be admitted to the Official List Particutare of the Company are available in the Extel 
Statistical Sendee and may be obtained during usual business hours (Saturdays excepted) up to and 
including 30th July 1982 from: - 

Bankers to the Introduction 

J. Henry Schroder Wagg & Co. Limited 

120 Cheapside, London EC2V6DS 

or 

Stockbrokers to the Introduction 

Quitter Goodison & Co. 

Garrard House, 31-45 Gresham Street, London EC2B 7LH 


13th July, 1982 


Xerox Corporation 


has sold its wholly-owned subsidiary 


WUI, Inc. 


MCI Communications Corporation 


We acted as financial advisor to Xerox Corporation 
in this transaction and assisted in the negotiations. 


Goldman, Sachs & Co. 

New York Boston Chicago Dallas Detroit 
Houston' Los Angeles Memphis Miami 
Phitedelpfe St Louis San Francisco 
London Tokyo Zurich 

June30,i982 



EURO 


: 1 7 i s s 


CREDIT COMMERCIAL DE FRANCE 

US. $35,000,000 Floating Rate 
Notes 1977-1983 

Forthesixmonths 

13th July, 1982 to 13th January, 1983 

the Notes wfll cany an 

Merest rate of 16%e% per annum. 

BjpMoi^^GumartyTiiBtOon^janyof New York London 
Agent Bank 


ENERGY RESOURCES & 
SERVICES INCORPORATED 

Net Asset Value 
30th June 1982 

$6.93 

per share (unaudited) 


STOCKHOLDERS FAR EAST 
INVESTMENTS INC. 

Net Asset Value 
30th June 1982 

$1.68 

per share (unaudited) 


The Association of International 
Bond Dealers Quotations end Yields 
appears monthly in the Financial 
Times. 

it will be published on the following 
daws: 

1932 

Wednesday 1Mb August 
Tuesday 14th September 
Wednesday 13th October 
Thursday 11th November 
Tuesday 14th December 

There Is a DmJte d amount of 
advardslsg apses sue liable each 
month, if yaw company it 
Interested bi taking advenoge of 
this offer pisses censer: 

The financial Advertisement 
'Department 

on 91-248 8000 
Ext. 3246 or 3389 


RPMartix 

strategic 








R-P- Martin pic 


Duringjulv 1982 we willbe moving to our new and laiger 
premises at^Deans Court; London EC4V 5AA — where we 
have installed some of the most advanced teJecommunications 


The move not only reflects our commitment to technological 
innovation and our rapid and continuing growth, but also 
demonstrates the high level of success we have achieved in 
implementinglong-termplans over the last seven years. We have 
created an efficient ana coordinated international network, 
reinforced by our iecentmerger with the Bierbaum Group, 
leading internatioiialflidgn exchange brokers. 

Our highly experienced staff now conduct international money 
marker transactions throughout every major financial centre — 

‘ efficiently, speedily and above all professionally. 

If yon would like to find out more aboutRP. Martin 
and therange of services we offer; contact 
RM. De Brunner on 01-600 8691, 



Financial Times Tuesday July 13-1982 


V ! 


TECHNOLOGY 


EDITED BY ALAN CANE 


Two U.S. companies plan a nationwide debut for a TV information service — Louise Eehoe reports 

Setback for British teletext hopes in the U.S. 

TELETEXT, the television Videotex and teletext” are Tit IWl ngaos nf inffirmarinn ariuanluao of the TMtential 


TELETEXT, the television 
Information service the British 
know as Oracle or Ceefax, is 
about to make its nationwide 
debut in the U.S.A. 

Two of the major U.S. broad- 
cast companies— NTSC ?nd 
— have announced that they will 
inaugurate full scale teletext 
services next year. Their deci- 
sions have given a major boost 
to the fledgling consumer infor- 
mation services industry in the 
U.S. and represent the first real 
tests of the economic viability 
of such services here. 

The announcements were 
however a major setback for 
British hopes to establish UK 
technology as an international 
standard for teletext — the one- 
way broadcast information sys- 
tems — and videotext — the inter- 
active systems which rely upon 
telephone line communications. 

Both of the American broad- 
casters have chosen to adopt 
the North American teletext 
technical standard for their ser- 
vices — a standard which is com- 
patible with both the French 
and Canadian technologies but 
not with the older British stan- 
dard used for Ceefax and 
Oracle. 

Explaining NBC's choice of 
the American standard, Mr 
Robert E. Mulholland, NBC 
president, said: " It offers 
today's most cost-effective 
advanced visual display capa- 
city, it is upgradeable in the 
future to higher levels of per- 
formance and it is now cora- 
tible with U.S. videotext 
systems." 

The British standard has 
clearly lost out to its competi- 
tors, but what is worse, there 
is a growing body of opinion 
here which suggests that TV 
information services have little 
potential in the U.S. consumer 
market in their current form, 
and that the fight between the 
three existing national stan- 
dards has been futile. 

None of them will succeed in 
opening' up a major market for 
either consumer or business 
information services in the U.S., 
independent studies suggest. 


Videotex and teletext are 
doomed to fail in the U.S., say 
analysts at the Boston-based 
Yankee group who have under- 
taken long-term studies of the 
potential for such . information 
services'here. They believe that 
information services must be 
radically ' improved — by the 
addition of high resolution 
. video pictures and perhaps even 
sound — before they will find a 
ready audience. 

Convinced 

Despite such predictions, 
several major corporations con- 
tinue to show interest 

A T and T is Involved in pro- 
viding equipment for several 
trials of teletext and videotext 
in the U.S. and has placed its 
support firmly behind the 
American standard. 

Major publishers including 
Time Inc. and Knight RIdder 
have made significant invest- 
ments in teletext and videotext 
in trials in the U.S. 

CBS and A T and T, working 
together, will soon begin a 
seven-month teletext trial in Los 
Angeles. Following the test and 
completion of an FCC rule- 
making on teletext regulation, 
CBS plans to announce its regu- 
lar teletext service. Hie broad- 
casting company remains 
convinced that there are profits 
to be made in the U.S. in tele- 
text and videotex as home 
information services. 

“ It seems likely," says CBS 
vice-president for technology, 
Mr Harry Smith, “ that teletext 
will come first in achieving mass 
market status. Their appetites 
whetted by teletext, people will 
then be likely to demand a 
more diverse, more extensive 
home information service and 
these needs can be fulfilled by 
videotex." 

The first real dollars and 
cents trial of consumer videotex 
in the UJS. will begin next year 
when Knight-Ridder, the news- 
paper publishing group, in- 
augurates a system in Miami, 
Florida. "We hope to have 5,000 
subscribers and to offer them 


75,000 pages of information, 
doubling that within a year," 
says marketing director Mr Mart 
Goldstrom. 

The service will include bank- 
ing transactions and teleshop- 
ping as well as information. Can 
videotex be profitable as a con- 
sumer service? “That’s what we 
have to find out." Mr Goldstrom 
replies. 

The introduction of trans- 
action semces-electronic bank- 
ing and teleshopping as well as 
video games via videotext are 
expected to encourage consumer 
acceptance of such services. 
Raw information is not some- 
thing that the consumer is will- 
ing to pay for, according to 
market surveys. 

“The consumer wants inform- 
ation that is very topical and 
entertaining. It must be pre- 
sented in a popular, tabloid 
style — rather than a cold 
academic style," says Mr Pfiser, 
a vice president of Time Video 
Inc, a subsidiary of Time Inc. 

Times-Mirror, a large Los 
Angeles based newspaper and 
cable tv group, is about to begin 
'a trial vidotex service in Los 
Angeles. Subscribers will be 
offered a “gateway” to estab- 
lished information services as 
well as the standard informa- 
tion retrieval and transaction 
services. . 


Development 


The sustained interest of such 
heavyweight companies — des- 
pite the lack of profits so far— 
can be explained by the threat 
which teletext and videotex pose 
to the profits of publishers — 
who see electronic information 
services stealing advertising 
and subscription revenues, 
broadcasters — who see the infor- 
mation services as both a threat 
to advertising revenues and an- 
other competitive bid by the 
cable tv industry and communi- 
cations companies who feel the 
need to stay abreast of con- 
sumer market development 
which could threaten theia* 
dominant position while at the 
same time they seek lo take 


advantage of the potential 
growth in consumer communica- 
tions. 

Also among the UJ5. com- 
panies investigating the poten- 
tial of videotex are major banks 
who see the electronic services 
as potential cost savers. 

Can they all be wrong? Yes, 
says Yankee group analyst 
Robert Wells who follows the 
Information services industry. 
Looking to the UK experience, 
he declares that: "Prestel is a 
stunning failure." 

As a consumer service, 
Prestel bas failed, even in the 
UK, be maintains. Only 11 per 
cent of the UK subscribers use 
the service in their homes, and 
of those many are believed to 
be businessmen working at 
home. 

“Prestel does not offer the 
high resolution graphics capa- 
bilities that are needed for a 
successful consumer service,” 
agrees Raymond Boggs, an 
analyst at the Venture Develop- 
ment Corporation which has 
recently completed a study of 
the potential for information 
services. 

Other market followers, like 
Mr Garry Arlen, a respected 
industry consultant, believe that 
Videotex will make a significant 
contribution to business com- 
munications services in the U.S. 
“There are so many communi- 
cations activities in the U.S. — 
Videotex will insert itself as a 
means of making these services 
more appealing— and usable — 
by making them more ‘user 
friendly,* ” he says. 

“Ultimately, we may end up 
with a hybrid of Videotex— a 
service with full video and 
interactive text," predicts Mr 
Arlen. 

The potential for Videotex in 
business applications has been 
recognised by IBM Last week 
the company ctroauced Prestel 
software for its Series I small 
business computers in the U.S. 
IBM's long-term commitment to 
the British Videotex standard 
has, however, yet to be proven. 
The company exhibited Video- 



- £ raps ;s n d.Fg b £ 


If- 






I 3^ 


TV information service in the UK — but is this form of presentation doomed in the U.S.? 


tex software using the Canadian 
system as well as the British 
system at a recent New York 
conference. 

Although Prestel, and cor- 
porate Prestel-type services 
have found considerable accept- 
ance in tiie UK among business 
users, they face strong cojn- 
petition from alternative infor- 
mation dissemination systems 
in the U.S. The established 
systems include. the Dow Jones 
news service which is distributed 
via nationwide packet switch- 
ing networks, Compucomp, and 
the source, all of which can be 
accesses by a personal com- 
puter. 

“It is a common European 
misconception that there is a 
large potential market among 
business users for Videotex in 
the U.S.," comments Mr Wells, 
while the existing information 
services are beginning to incor- 
porate Videotex-type features — 


colour graphics and the ability 
to I ink . pages together — they 
regard these as trivial enhance- 
ments to their products, rather 
than a revolutionary change, he 
says. 

As for the U.S. consumer 
market for Videotex — "It does 
not presently exist in the U.S. 
Home Videotex per se Is not a 
viable j business," Mr Wells 
believes. 

Even the proponents of 
Videotex acknowledge • that 
economic and technical con- 
siderations will hamper early 
growth. Mr Larry Pfister,- .vice- 
president of Time Video Infor- 
mation Services and chairman 
of the recently formed Video- 
tex! Industry Association dis- 
counts the short-term prospects 
for Videotex* as a consumer 
service. 

“We are much more bullish 
on Teletext,”' he comments. 


"Teletext — -the one-way broad- 
cast information system will be 
more popular among consumers 
here, just as it is in the UK," 
he believes. “The broadcasters 
see Teletext as a supplementary 
service which they can offer. I 
see is as a support service. 
During sports programmes, the 
Teletext channel could for 
example offer sports statistics." 

Hie real potential for teletext 
in the U.S. is not as a broadcast 
system, but rather as a cable TV 
Channel, Mr Pfister believes. 
“ The cable TV operators could 
simply replace cable convertor 
units with combined teletext 
decoder/convertors for about 
U.S.S150 each," he says. 

“Teletext will be slower to 
take off in the U.S. because of 
the nature of the television 
business ” adds Mr .Arlen. “ We 
do not have the large TV rental 
business that exists in the TJK, 
so it will take some time before 


m 

Lovell 


for Development 


teletext receivers are widely 

distributed." 

On rhe other hand, the large 
installed base of personal com* 
puters in the U.S. offers an 
opportunity for videotex to 
catch on quickly. Apple Com- 
peter has Introduced an add-on 
board for Its' Apple U which 
allows the computer to receive 
videotex. Other computer 
makers are expected to foHow' 
suit. 

Mr John Roach, president of 
Tandy Corporation, a leading 
retailer * and manufacturer of 
consumer electronics, pinpoints 
another problem for both tele- 
text and videotex In the U.S, 
"The limits of the explosion in 
home electronics use will be set, 
not by technology, but rather by 
the economic, time and gratifica- 
tion limits of the consumer,’ he 
suggests. 

“The cathode ray tube Cor 
TV screen! is being crowded by 
new entertainment and informa- 
tion offerings which exceed i he 
limits of many consumers." 

Integrated 

Many industry prophets have 
predicted that all of the enter- 
tainment and information ser- 
vices that are now possible 
through advanced electronic 
technology will one day be 
melted down into a single 
system, “ a home video centre ” 
incorporating video recorder, 
pay TV, cable TV. videogames, 
home computer and videotex. 

Not so, says Mr Roach. 
“ Highly integrated systems are 
contrary to consumer buying 
habits. Most consumer .electronic 
items have been purchased 
individually and only systemised 
on a very limited scale." 

When consumers make 
choices between entertainment 
services, games and information 
services, the information ser- 
vices will come o ut the losers, 
Mr Roach predicts. 


Speech synthesis 

More from Hitachi 


Radio system 


HITACHI has increased • its 
range of speech synthesis cir- 
cuits. Its latest silicon chip is 
the HD 61885 which uses low 
power CMOS technology for 
use with keyboard contacts. 


Hitachi envisages that this type 
of circuit could be used in a 
wide variety of portable equip- 
ment including clocks, toys and 
calculators. More information 
on 01-861 MIL 


COMPANY NOTICES 


NOTICE TO HOLDERS OF EUROPEAN DEPOSITARY RECEIPTS (EDRj) IN 

NIPPON SHIN PAN CO., LTD. 

Further so our notice ol January 29, 1982. EDR holders are Informed that 
Niooon Sh mean had paid a dividend to Miners of record March 31, 1982. 
The cash dividend payable Is Yen 3.50 per Common Stock of Yen 50.00 par 
share. Pursuant to Clause 8 ol the Deposit Agreement the Depositary has 
converted the net amount, alter deduction ol Japanese withholding taxes. Into 
United States Dollars. u 

EDR holders may now present Coupon No. 8 •for payment to the 

undermentioned agents. .. . . , __ . _ . 

Payment ol the dividend with a 15% w in holding tax Is subject to receipt 
by the Depositary or the Agent of a valid affidavit of residence In a country 
having a tax treaty or agreement with Japan giving the benefit of the reduced 
withholding rate. Countries currently having such arrangements are as rmIouvs: 
A. R. of Egypt F. R. of Germany me Netherlands Spain 

a ultra l la Finland New Zealand Sweden 

Belgium France Norway Switzerland 

Brazil Hungary Ron. of Korea United Kingdom 

Canada Ireland Romania U. s. of America 

Czechoslovakia Italy Singapore Zambia 

Cnm Faifing receipt or V valid affidavit Japanese withholding tax will be deducted 
at the rate of 20% on the gross dividend pavablc. The full rate ol 20% will 
also be applied to anv dividends unclaimed alter October 31. 1982. 

Amounts payable In respect of current dividends: 

Cdjpo- 1 No 8 Dividend pa yaole Dividend Pavable 

EDR Gross less IS lo Japanese less 20 % Japanese 

denomination Dividend withholding tax withholding tax 

1 000 shares SI 3.65 S1 1.63 510.92 

1 00 iharci SliSfi SI .16 SI .09 

Further to the notice of January 29. 1982 concern Inn the free distribution 
ol shares ,1 new lor each ’0 old I. EDP holders are Informed that the new 
shares are now available tor delivery and should be clalmnd by presenting 
Coupon No. 9 to the Depositary or the Agent. EORi will only be lisued 
In Authoriied Denominations ot 1.000 sharos. therefore any EDR holders not 
able lo Present coupons making-up an Authorised Denomination win receive 

the net Proceeds or th» sale or their entitlement In United States Dollars 

pursuant to Condition 5 of tor Terms and Conditions. 

We are plersed to confirm that copies of the Quick Information of 

Annual Results of Operations ror the vear ended March 31. 1982 of Nippon 
Shlnpan Co.. Ltd. arc now available to EDR holders, upon application, at the 
□ frees or the Depositary and Agent at the addresses shown below. 

DoooslUrv; Agent: 

Citibank. N.A. Citibank f Luxembourg) 5.A. 

136. St-and. London WC2R 1HB 16 Avenue Marie Therese 

July 13. 1982. 


Dividend pa vaole Dividend Pavable 
less 15 l n Japanese less 20% Japanese 
withholding tax withholding tax 
311.63 310.92 

SI. 16 51.09 


NOTICE TO HOLDERS OF EUROPEAN DEPOSITARY RECEIPTS <BDRl) IN 

HITACHI, LTD. 

FOR holders are Intorncd that Hitachi. Ltd. has paid a dividend to holders of 
record March 31. 1982. The cash divfend payable is Yen * per Common 
Sleek ol Yen 50.00 ter share. The Depositary has arranged for the net amount, 
after deduction of Japanese withholding taxes, to be converted Into United 
States Delian. 

BDR holders may now preset - Coupon No. 27 from BDRs of 10 shares 
and Coupon No. 22 from BDRs or 80 shares tar payment to tho under- 
mentioned agents. 

Payment ol tnc dividend with a IS *4 withholding tax li Subject to receipt 
bv the Depositary or the Agent of a valid affidavit of residence In a country 
naving a tax treaty or aareement with Japan giving the benefit or the reduced 
withholding rate. Countries currently having such arrangements are as follows: 


A. R of Egypt 

Australia 

Gcigium 

Brazil 

Canada 

Crc;hojlovakla 

Denmark 


F. R. or Germany 

Finland 

France 

Hungary 

Ireland 

Italy , 

Malaysia 


Tfio Netherlands 
New Zealand 
Norway 
Ren. of Korea 
Romania 
Singapore 


Spain 
Sweden 
Switzerland 
United Kingdom 
U. S. of America 
Zambia 


Falling -receipt ol a valid affidavit Japanese withholding tax will be deducted 
at the rate ol 20% on the gross dividend Divablo. The full rate Of 20% will 
also be applied to any dividends unclaimed after October 31, 1982. 

Amounts pavnble In respect of current dividends: 


BDR 

denomination 


Giflss 

Dividend 


Dividend payable 


Dividend payable 


1 share 50.015462 

Depositary: 

Citibank. N.A. 

33S. Strand. London WC2R 1HB 
July 13. '982. 


less IS"- Japanese less 20 % Japanese 
withholding tax withholding tax 
30.013143 50.012370 

Agent! 

Citibank (Luxembourg) S.A. 

16 Avenue Mario Therese 


NOTICE TO HOLOER5 OF EUROPEAN DEPOSITARY RECEIPTS (EDRsl IN 

OKUMURA CORPORATION 

Further to our notice of March 18. 1982. EDR holders are Informed that 
Okumara Corporation has paid a dividend io holders of record March 31. 1982. 
The cash dividend pavable is Yen 9 per Common Stock of Yen 50.00 per share. 
Pursuant to Con »lon 4 of the Terms and Conditions the Depositary has 
converted iho net amount, alter deduction of Japanese withholding taxes. Inn 
United Slates Dollars. 

EDR holders may now present Coupon No. 1 for payment to the 
undermentioned agents. 

Payment ol the dividend with a 15% withholding tax Is subloct to receipt 
bv tho Depositary or the Agent of a valid affidavit of residence In a country 
having a tax treaty ot aareftffltfll With Japan giving the benefit of the reduced 
withholding rate. Countries currently having such arrangements are as follows: 
A. R. of Egypt F. R- of Germany The Netherlands Spain 

Australia Finland New Zealand Sweden 

Belgium France Norway Swinerland 

Brasil Hungary Rep- of Korea United Kingdom 

Cauda Ireland Romania U. S. of Ameriea 

Czechoslovakia Italy Singapore Zambia 

Denmark Malaysia 

Falling receipt ol a valid affidavit Japanese withholding tax will be deducted 
al the rate ol 20% rn thu gross dividend payable. The hilt rate Of 20% will 
alto he applied to anv dividends unclaimed after October 31. 1982. 

Amounts pavable In raspect of current dividends: 


Air Call system with range of 25 miles 


AIK CALL has introduced a 
low cost mobile radio system 
with a range of around 25 miles 
from its 25 centres in the UK 
The system is low cost because 
up to 16 different organisatons 


share the same central trans- privacy from other users when 
mitter, or jbase station. How- communicating. 


Coupon No. 1 
EDR 

denomination 
10.000 shares 


Gross 

Dividend 

5350.87 


Dividend payable Dividend payable 
less 15% Japanese less 20% Japanese 
withholding tax withholding tax 

5298.24 ' “ 


withholding tax 
5250.70 


Depositary: 

Citibank, N.A. 

336. Strand. London WC2R 1HB 
July 13. 1982. 

SARAKftEEK PARTICIPATIONS N.V. 


The Managing Director of the Company 
hereby declares that an interim dividend 
of USS3.BG4.M2.60 CUSS2.30 Per share l 
will ho oak) to the shareholders of the 
Company. The dividend on bearer snares 
will be paid on presentation o> coupon 
number 3 at tne offices of J. Henry 
Schroder Wagg & Co. Limited. Coupon 
Deoartoten:. 120 Cheaoside. , London 
EC2V CDS. between the Hours of 10 a m. 
and 2 p.m. t Saturdays and bank holidays 
excepted'. The dividend on registered 
shares will h« sent by mall 10 tho share- 
noieers. 


TORAY INDUSTRIES, INC 

(formerly Taya Rayon Katmriilkl KaJsha) 


S. G. WARBURG 3 CO. LTD., 
announce that a dividend of Yen 2.75 
per share lus been paid to share- 
holders on the books of tho above 
Company as at 31st March. 1982 In 
respect ol the six month period ended 
on that date- 

H aiders of Bearer Depositary 
Receipts Issued bv S. G. Warburg 
3 Co. Ltd- mar present Coupon No. 
39 for payment forthwith at their 
Coupon Department. 51. AIDans House. 
Goldsmith Street- London EC2P 2DL 
or at Eanoue Internationale a Luxem- 
bourg, 2 Boulevard Royal. Luxembourg, 
subject to a eduction of Japanese With- 
holding Tax and United Kingdom Tax 
'if any) at the appropriate rates. 
Details of tax deduction can be 
obtained from Paving Agents. 

5. G. WARBURG & CO. LTD. 

As Depositary. 

13th July. 19S2. 


ART GALLERIES 


COLNAGHi. 14. Old Bond Street. W1 
□ 1-091 7O0B. DISCOVERIES FROM THE 
CINQUECENTO. until 7 August. Mon.- 
Frl- ip-6. Sat. 10-1. 

WHITECHAPEL ART GALLERY. El. 377 
0107. Tube Aldgatc East. To 26 Sept. 
SIR CHRISTOPHER WREN. Sun.-Frl. 
1 1-5. BO- Thurfc. until 7.50 IThurs. 15(7 
5.151. cl. Sac. Admission £1 <50p>. free 

cmlaren A Mondays 2-5.30. 

| BLOND FINE ART. 33, Sackvllle St- W1. 
01-437 1230. EILEEN COOPER. Until 
17 July. 

MACLEAN GALLERY, 35. St. Gears* 5L. 
Hanover Square. WT. 01-403 4756. 
PAPIER PEI NT 1780-1860. Exhibition 
Ol French Wallpaper. Until 23 July. 
Mon-Frl, 10-5.30. Sat. 10-1.Q0. 

ARTEMIS FINE ARTS fUKJ LIMITED. 
IS Duke Street. St. James's. W1. Exhi- 
bition ol MASTER PRINTS AND DRAW- 
INGS. Mon.-Fri. 10-5 until 23rd July. 
Also WHISTLE ETCHINGS at 6a. 
Mason's Yard. 


ever the system, is designed so 
.that each subscriber and his 
mobile vehicles have complete 


LEGAL NOTICES 

No. 001733 of 1982 
In the HIGH COURT OF JUSTICE 
Chancery Division. Mr Justica Nouns*. 

IN THE MATTER OF 
DAWSEA PLC 
AND IN THE MATTER OF 
THE COMPANIES ACT 1948 

NOTICE IS HEREBY GIVEN that tht 
Order of the High Court of Justice 
(Chancery Division) dated 21st June 
1982 confirming die reduction of tha 
Capital of the above-named Company 
from £28. 275.000 to £14.175.000 and 
tha Minute approved by the Court show- 
ing with respect to tha Capital ol the 
Company as altered the several particu- 
lars required by tha above-mentioned 
Act were regiatorsd by the Registrar 
ol Compart?* on 30th June 1982. 

ASHURST MORRIS CRISP & CO.. 
Broadgats House. 

7 Eldon Street. 

London EC2M 7HD. 

Solicitors for the above-named 
Company. 


PUBLIC NOTICES 


METROPOLITAN BOROUGH 
OF TAMESIDE 

VARIABLE RATE REDEEMABLE 
STOCK 1983 

The Council of the Metropolitan 
Borough of Tameslde announce* that 
the half-yearly payment of Interval 
due 12th January. 1983 on the above 
stock will be at the rate of £3.6719 
ties* Income tax} per £100 of Stock. 


CLUBS 



FINANCIAL TIMES 

PUBLISHED IN LONDON & FRANKFURT 

Head Office: The FbawscW Tims 1MM, Bndtea Jlaeie, 36 Camea Strati Lssdaa B4F 48 Y. 
Tatex: 8954871- Tafoc tAdwtMan) M5B33. Tat— lean? F h ire thn i, L as dae . TMag ta we 01-248 8000. 
Frxakfurt Office: The Ftaedri Tfaaat (Enrepe) Ltd, T i f iBi ftiti. 54, MOOD rnrirfait aai tide 1. 
West Camay. Tete 416193. TXayhm: 759*4. Mtartri: FrvukwuRei 7140. Trias: 416052. 
TritMage 7598 157. 

INTERNATIONAL & BRITISH EDITORIAL A ADVERTISEMENT OFFICES 

■*£ 12%, AmteriiB-C. Tatac HnMfc Espmcada32, MkM4 3. Tab 441 6772, 


US27. ftfc 276 796. Wiarimttr. JEMWW aari JUnrtbbm tee's 

• IreiiaghBaK EWtarW 48* jUwttffaff Gauge Hst, Bean St, M2 5KT. Trier! 66&13. T«fc 
Hm-XwhU, 835 IPG. Trite 338650. Tab 061-834 93*1. 

02M54 0ftz - Medea CftaFma da ta Rafsrma 122-10, Moist 

Bene Prentotes 11/104 HsenaBsa 2-10. Tatac 6DF. T*fe535 1368. 


Wiecfmitr. Attariri aari 


Banes Pmahaos 11/104 HgauaBaa 2-10. Tatac 6 DP. Tab 535 1368. 

U69S42. Tife 210039. Mncmn Katamkr 14, Apartment LM 

Bnmris: 39 Roe Dacak. Telus 23283. Fine 512 Tate 413300 Ftaasa. Tat 243 16UL 
1404. Tab 512 9037. v . 


tew ttt«i HWete SflCT Fta _7.jlg.74 teawffpfSW. 1MH. JHterrate 


Anatai Cantatas 436, Ce«oa 1366. Tab 66390 . Tat COZJ 541 4635. Admtbhg Tatac 


Parts: aWsilrfjadteft M iM Centre fAftbts 
Tate Uljawt, 168 te it Staff, 75044, Parts Cetat 
OL Tate 220044. Tab 2W 2000, 
targe We rie Jaadra: Ma Breen 4S, Salas 2611-2612. 
d Tafc Centre BEP 20090,10# 1 ft Jm dn Rj BmfLT^g 


Agent: 

Citibank (Luxembourg) S.A. 
16 Avenue Marla Therese 


ALLEGHENY INTERNATIONAL 
HOLDINGS INC. 

FLOATING RATE UNSECURED LOAN 
NOTES 1 984 QF & 1 EACH 

For the Interest period from 2nd July 
1982 to lit January 1983 both dates 
inclusive, the above Notes will carry an 
Interest Rate of 13.25% per annum. 
The Interest payable on the relevant In- 
terest payment date. 1st January 1983 
will be £6.679452%. 

BARCLAYS BANK PLC 
Registration Department, 

Radbrooke Hall. 

Knunford. Cheshire. 

WA16 9HJ. 


j 5*7696. 238409. Tri: (212) 489 8300. • 

btre: PA Bex 2040. T«b 751482. Part*: Briftairitete r t W ire Centre f Aftbtg 

Date 25 SeteFre d.rtefc St, OtaBa 2. Tate U laowt, 168 Bee d.RtaA75044. Park CeE 
25414. Tat Dtafa 603378. OL Tate 220044. Tab 297 2000, 

I tirin b iite eabHMataJMtart W agyOeefia Ba da lithe- Mb Breeta 48, Sain 2611-3612. 
Streat. EH2 2HN. Trias TBWTSHarW Tri: Centre DEP 20090, RtedeJaadra Itl IrariLTab 
03M26 4120. AAwftaffff Ttfc 031:226 4139. 263 B845. Tite c/> Rentes. 
ni a Wgrt. retort* Raateflaa 7ML Trias Raaret UMf Vk Ma Honda 55, Tate 
416032. Tab 7590 157. JWrertfriBB MaOtttiti. 610G3Z. Tab 678 3314. 

54. Tata; 4J6M3. TA 739Ml ^ 

Ham Kmf R*em 302 , Hbrb C haoa MM iml 5 » > 7. Tries: moTr* 5060 KL 

Jnhaaatabvi: PJL lax Z128. Talas 8-6257. Tab te2« C0» Tafe ZOMi AfErtS 
*384545* Kanban BriUng. Mr-10 IhbRaaiS. 

Leeds: MSmtUm Ptmaegt Haw, Tin C M yada h a. Trias 127104. Tab 29S 4030. 
Haadm. Tab 05* 454969. WnMnNaw; fifltwM 914 (Uteri Pm* 

Far Sara Into and Business News Summary, Telephone 246 8026 
(number, preceded by the appropriate area code vaM for London, 
Birmingham, Liverpool and Manch es t er) . 

M febertMng b satiret ta tha pgfaiUhert current tantu wri eanrittaL wta of wMch are areltafe an 


Air Cal] says that its system 
also gives subscribers access to 
t he JtiU.renge of services, Iqclud* 
ing telephone answering and 


emergency assistance. Link 
Radio, as the system is called 
cost from £20 a month plus 
installation costs according to 
the type of vehicles. Moe* infor- 
mation on 0582 603223. ' 


Raotare Britt*. 1 - 6-10 IkHteria, 
P ai a o ent Haase, The O ft aBa ta . Triac 327161. Tab 295 4080. ' 
«««. Ws . h liiB hi i fittariri 914 (Uteri Pm. 


Print-outs 


How to put VDU 
facts on paper 


THERE APPEARS to be. a 
growing demand from VDU 
users for means of capturing on 
paper what Is on the screen at 
any particular moment. 

The trend might be thought 
odd if ft is assumed that a 
prime purpose of the VDU is 
to do away with paper. The fact 
is of course, that executives 
: wiU always have a need to take 
pieces of paper away with them 
in their briefcases. 

In any event, two more 
devices have just appeared on 
the market and can be plugged 
straight into a VDU. 

Thorn EMI Technology is 
offering the TP-75 which is 
made in Japan by Toyo 
Corporation and uses the elec- 
trosensitive technique to print 
out a stationary frame from the 
screen in about 25 seconds. The 
resolution is up to 1,280 dots 
horizontally by 1,500 dots vertic- 
ally, although a lower resolu- 
tion version, the TP-55 is avail- 


able. The TP-75 costs £1,295. 
More on 031-443 4060. 

The other machine, from 
Intertrade Scientific of High 
Wycombe (06285 28231) uses 
ink jet printing and costs about 
£6,000. Called ACT-1, it 
'operates in full colour with a 
definition of 85 dots per inch 
vertically and 140 per inch 
horizontally. 

In the ink jet process, minute 
individual droplets of yellow, 
cyan and .magenta ink are elec- j 
trostatically deflected on to the 
passing paper under micro- 
processor control. - 

Using several dots for each 
pixer the ACT-1 can reproduce 
up to 125 colour shades. With 
appropriate interface it can be 
connected directly to a colour 
monitor, to a- parallel or serial 
computer channel or to a floppy 
disc. An 11 X 8| inch image 
is printed in about 1.5 minutes. 

GEOFFREY CHARUSH 


Copying . 

Step-by-step instructions 
for the office copier 


THE FACT that people in offices 
often get into a mess with copy- 
ing machines, perhaps wasting 
paper as a result, may be in 
part due to the fact that they 
will not read, or cannot under- 
stand the instructions. The 
problem is more acute when a 
large number of staff use the 
machine rather infrequently. 

Rank Xerox has tackled the 
problem in its new model 8300 
by giving the user step-by-step 
instructions on a built-in video 
screen. 

On standby, the display lists 
the possible choices of paper 
tray, image density, sides to 
be printed, output and reduc- 
i tion ratio. When the appro- 


priate button is pressed, the 
mode chosen .appears on the 
screen. The operator then 
selects the number of copies 
required and confirmation of 
that number is displayed. If 
during copying any other action 
is needed by the operator, the 
screen will tell him. 

For those unfamiliar with the , 
machine, an “ information " 
button will bring up on the 
screen a “menu” of instruc- 
tions from which a -choice can 
be made by button pressing to 
get exactly the sequence of 
actions the user needs. Faults 
are also displayed: More on 
0895 51133. 



Lifting 

Koni introduces two lifts 
with automatic operation 

KONI has announced the introduction of two new automatic 
car lifts, a 2JJ tonne two-post model and a 3.0 tonne four- 
post version. Neither need foundations and are claimed 
to be simple to instal or relocate and ideal for car wheel 
alignment. Recess panels into which radius plates can be 
fitted are built Into the tracks. Details from importers. HTC 
(Nottingham), 9, Regent Street, Nottingham (0602 415181 ). 

Water treatment 

Volatile scavenger for 
steam boiler users 


Graphics 

Electronic integration in 
Hewlett Packard deal 


FOR USE with its HP3000 com- 
puter, Hewlett Packard has 
introduced a business graphics 
package in which data, text and 
i graphics can be easily inte- 
grated. 

The material can be "com- 
posed" qn the screen and 
electronically integrated to pro- 
duce the desired layout. Thus, 
documents of one kind or 
anohter can'be : croatea'Withiftif : 


cutting or pasting, the whole 
then being printed out. on. the 
compands laser printer, HP 
2680 A. Ih this way, turnaround 
time can be reduced compared 
with conventional printing. 

In addition, using the HPHai! 
system, the composed data can 
be sent to another terminal for 
reproduction. The package is 
-priced at ^7Jl3r : 


A VOLATILE oxygen scaveng- 
ing system (VOS) . for- steam 
boiler users offering low 
toxicity bas been announced by 
Dearborn Chemicals of Widnes, 
Cheshire (051 424 5351). : 

Dearborn says that the tech- 
nology can provide full protec- 
tion for all areas of the boiler 
system. It provides a substitute 
for sodium sulphite and. air 
alternative to conventional. 
“ zero solids " which make' use 
of hydrazine. 

Reaction rate with osygen.-in 
feedwater ' and "boiler water is 
claimed to be faster, than with 
hydrazine and the system, 
because of its volatility, the nn- 
reacted product is available to 
■ neutralise trace oxygen present 
; in the condensate. 

. Because reducing conditions 
are present throughout the 
whole system magnetite forma- 
tion is promoted to give extra 
protection to the economiser 
and boiler metal surfaces, thus 
the effectiveness of electro- 
magnetic condensate polishing 
fs : fenhanced. - • ** • 


John Baker on the number 
above will provide more details. 


Spin 

hardening 


UN DERG ROUND MINING 
-MACHINERY of Aycliffe, Dur- 
ham, has asked us to make clear 
that it offers spin-hardening ser- 
- vices ' using its Peddinghaus 
machine to other manufacturers 
(see this page, July l). 

THERMOCELL 

A ROOP-LQffNSUAIlON I 



Far full details phon* - 

Torn AiftsoB os 080453651 
StaneLbowHousalYodcYOl'SNP 








1 


.Fmancial Tiines Tuesday July 13 1982 






A 

A 


not at ions an 






The Association 
oflntemationaL 
Bond Dealers 



at 30th June 1982 


The Association of IntprnaHiiiiaT 

Bond Dealers (Amo) compiles 
current market quotations and 
yields for Eurobond issues. 

These quotations and yields are 
published monthly by the 
Financial Times. The 
Association's prices and yields 
arc. compiled for quotations 
obtained from mMke f .maif^ 
on the last working day - 
of each month. 

There Is no single stock 
exchange for Eurobonds’ In. ' . 
the usually-recognised sense— 
secondary market trading 
business is done on the ; 
telephone between dealers * . • 
scattered- across the -world's ' 
major financial centres.. 

Membership of tBieAJBD 
(which was established In 1969) 
comprises over 609. Institutions ■' 
from about 32 countries- ! 


CONTENTS 




BY OUR: EUROMARKCTS STAFF 


THE tateraatrohaT bond markets 
underwent. 6 shake-out In June ' 
following the unusually heavy 
amount of new issues launched 
in the previous few months. . 
v As the interest rates id the 
Eurodollar, D-Mark and Swiss 
Franc sectors rose, so prices' 
began to tumble. The six-month 
Eurodollar rate rose from 14$ 
per cent on -June 1 to zzeaxfty 
17 per cent as the month drew 
to a dose,' and prices in. this 
sector fell, by almost 8 points 


on the month. 

•. Adding to the problems- for 
this market; where about $lbn 
of unsold paper lay 'around at 
the beginning of the month,* was 
the announcement on June 2 
of the. hefty 6750m' issue for 
the Government of Canada, 
through Deutsche 'Rank and 
Credit Suisse First Boston. 

This five-year bond, carrying 
a- 14# per cent coupon and 
priced at par, achieved its 
intended purpose in helping the 


- Canadian dollar to recover 
. slightly, but prices in the Euro- 
dollar sector were marked down 
about f point on the day. 

Gloomy news concerning the 
state erf the U.S. economy con- 
tinued to have an adverse effect 
on * the European markets 
throughout the month. 

. As the Eurodollar sector 

- deteriorated, floating rate note 
issues again proved popular as 
a hedge against the uncertainty 
in interest rates. 


GROUP HEADINGS PAGE GROUP HEADINGS PAGE GROUP HEADINGS PAGE S® taMo of ^quotations and 


US Dollars — Algeria ' - H 

—Argentina \ n 

— : Australia ■ H 

—Austria ' II 

. - --|ff Irf mw . .. IF 

—Bolivia H 

—Shall V ■ n 

US Dollars— Canada : . D 

— Colombia-: Q 

• —Denmark 1 *. H 

—Finland . . - n 

US Dollars — France H 

— ^ Germany ./ .- XK 

— Greece •• n 

US Dollars— Hong Kong H 

— Hungary- . H 

— Iceland • J ■ II 

‘-4ran '. . . “ • M 

US Dollars— Ireland IT 

. ■ Luxembourg ' H . 

• —Mexico ... • II 

—Israel. - ; II 

-Italy H 

US Dollars— Japan •-.- H 

—Korea . .. n 

— Netherlands . ' II 


US Dollars — New Zealand jff 
— Norway II 

— Panama D 

—Papua. n 

— Portugal • H 

US Dollars— Singapore U 
— Sooth Africa * n 

. . — Spain n 

—Sweden n-m 

US Dollars — Switzerland in 
— Venezuela (D 

. — United Kingdom ' in 
. ■ —United States m 
USDollan— Multinational m 
—Supranational in 
USDdUars— Floating Bate m 
Australian Dollars IV 

Austrian SridQhigs . IV 
Bahraini Dinars '' IV 

Canadian Dollars XV. 

Enrogollders IV 

. Euro Composite Units XV 
Euro Currency Units XV 
Euro Uhltsof Account -. IV 
French Francs ~IV 

Hoag Kong Dollars - IV 


Japanese Ten IV 

Kuwaiti Dinars - IV 

Kroner (Denmark) .- IV 
Kroner (Norway) IV 

Luxembourg Francs - ; IF 

SandlBlyals ... IV 

Stextihg/DM .."IV. 

Australian DeOar/DM - IV 
External Sterling Issues IV 
Sterling Floating Rate IV 
Special Drawing Blurts ' IV 
Convertibles— Australia . . TV 
—Canada - - IV 

—Denmark • IV 

Convertibles— France IV 
— Hong Kong IV 

—Japan IV 

— Luxembourg . IV 
— Netherlands • IV 

Convertibles — Singapore XV 
—5. Africa - IV 

— Sweden VI 

— Switzerland VI 

—UK. VI 

Convertibles — VS. VI 


yields gives the latest rates 
available on June ‘ 30th, 
1982. This information Is from 
reports from official and other 
sources which the Association 
of International Bond Dealers 
considers to be reliable, but 
adequate means -of checki n g 
its accuracy are not available 
and' the Association does not 
guarantee that the informa- 
tion It contains is accurate or 
complete. 

All rates quoted are for 
indication purposes only and 
are not based on, nor are 
they intended to be used as 
a basis for, particular trans- 
actions. In quoting the rates 
the Association does not 
-undertake that its members 
wfll take in all the listed 
Eurobonds and the Associa- 
tion, its members and the 
Financial Times Limited do 
not accept any responsibility 
for errors in the table. 


. An unusual $75m FRN was 
launched on June -7 for London- 
and Scottish Marine Oil 
(LASMO), with warrants to buy 
either Eurosterling or Euro- 
dollar fixed-interest paper. Gold- 
- man , Sachs and 'Williams and 
Glyn’s Bank lead managed this 
seven-year issue. 

Other borrowers to tap the 
Eurodollar sector early in the 
month with floating rate note 
issues were Credit Lyonnais, 
Den Danske Bank, and Bank 
Leumi. 

A casualty of the deteriorat- 
ing market was the $60m seven- 
year issue for the Michigan gas 
pipeline group. American 
Natural Resources, which was 
withdrawn early in June by 
lead manager Goldman Sachs. 

Other new issues had their 
amounts reduced in order to 
combat the unfavourable condi- 
tions. Cbugai Pharmaceuti- 
cal’s $40m 14-year convertible 
bond, for instance, was cut to 
$30m by lead manager Nomura. 

A different way ' of coping 
was to increase the offer yield, 
as Wood Gundy did on its 
C$30m eight and a quarter-year 
issue for the .Canadian utility 
Gaz Metropolitan. Here the 
coupon was raised- to 17# per 
cent from 17 per cent . 

The announcement of the 
375m seven-year bond for 
Finance for Industry on June 


14 by S. G. Warburg, was re- 
markable for being the first 
fixed-interest issue 'since the 
Can ada Bond a fortnight earlier. 
FFI carried a 15# per cent 
coupon and was priced at par. 

Following this, other 


The Ohio Edison $50m five- 
year bond was launched with 
an indicated coupon of 16# per 
cent, but when the price was 
fixed towards the end of the 
month market conditions were 
such that the coupon was 


NEW ISSUE VOLUME in JUNE (PuMic Issues) 



1981 1982 


1981 1982 1981 1982 


borrowers seemed more en- 
couraged to test the market 
Ohio Edison, the state electri- 
city utility, and the European 
Coal and Steel Community both 
came to the Eurodollar sector 
close on the heels of FFL 


raised to 17# per cent The 
amount though, was increased 
to $75m, and Morgan Guaranty 
joined Morgan Sanley as joint 
lead manager of the bond, tak- 
ing a hefty portion of the issue. 

The continental markets did 


not escape the June sol-hack. 

In Germany the Sub-committcc 
on Capital Markets met hall- 
way through the month and 
postponed for a fortnight all 
remaining bond issues on the ; 
calendar scheduled to run until 
July 1. This meant that some 
DM 900m of the DM l.9bn , 
calendar would not appear in 
June, a move calculated to ease 
the pressure in this sector 
where new issues had been 
appearing almost daily. 

Prices in the D-Mark sector 
continued to fall, however, as 
six-month Euro -D-Mark deposit 
rates climbed from SJ to 9; per 
cent on the month, and (he 
dollar strengthened. As the 
month closed prices in this 
sector had fallen by almost 4 
points. 

The two-week moratorium on 
new issues was broken when 
Commerzbank announced on 
June 29 it was bringing a Dir 
100m issue for New Zealand to 
the market. 

The Swiss franc foreign bond 
sector was also affected by the 1 
uncertain June climate. Six- 
month interest rates here soared 
dramatically from 5 per cent at 
the beginning of June, to 612 
towards the end. 

Prices fell less dramatically 
than in the other markets, how- l 
ever, and this sector kept up f 
a fairlj T constant volume of new 
issues throughout the month. 


COMPILED FOR THE ASSOCIATION OF INTERNATIONAL BOND 
DEALERS BY DATASTREAM INTERNATIONAL LTD 


This announcement s^pears as a matter ot record only 


May,1982 


NEW ISSUE 


These Notes having been sold, this announcement appears as a matter of record only. 


JUNE 1982 



O 


U.S. $50,000,000 


O Credit du Nord 


Guarantee Facility for the 

Najran and Sharorah Housing Project 
in the Kingdom of Saudi Arabia 


Guaranteed by 


Midmac Holding Corporation SA 

and 

Midmac SAR.L. 


Floating Rate Notes Due 1992 

Credit Suisse first Boston limited 

Banque Paribas Caisse des Depots et Consignations 

County Bank Limited. Merrill Lynch Internationa] & Co. 

Samuel Montagu & Co. limited Morgan Guaranty Ltd 

Swiss Bank Corporation International Limited 


Arranged by 


BankAmerica International Group 


Issued by 


Banque Nationale de Paris 

<% 1 ' 

Providedby 

Bank of America NT & SA 
Al-Bank Al-Saudi Al-Fransi 

■ ‘ (The Saudi French Bank) 

Banque Arabe et Internationale cflnvesiissement (BALL) 

Banque Nationale de Paris 

Banque de Paris et des Pays-Bas 

(Bahrain Offshore Branch} 

Saudi'International Bank 

(Al-Bank APSaudi Al-Alami Limited) 

The Gulf Bank K.S.C. (Kuwait) 

First City National Bank of Houston 
Texas Commerce Bank,NA 

Agent 

BANKofAMERICA 

INTERNATIONAL LIMITED . 


AJgemene Bank Nederland N.V. 
Banca OmnnerciaJe Italians 


Amro International 

Lmritid 

Bank Brussel Lambert N.V, 


Arab Banking Corporation (ABC) 


Bank of Tokyo International 

limited 


Banque Fran false da Commerce Exteriear Banque Indosnez Banque Internationale a Luxembourg S.A. 


Basque Nationale de Paris' 


Banque dePUmon Enropeenne 


Banque Worms 


Bayerische Yeremsbank Interational Chase Manhattan Capital Markets Group Chemical Bank International 

Sutoinnw . Otmb Manhattan liaiwl Group 


ChristiamaBankogKrediftasse 
Cr6Et IndiBfriel et Commercial 
CreditaBstalt-Bankrerem 


Credit Agricole 
Credit Lyonnais 
M-IchiKangyo International 


Credit Commercial de France 
Credit Smsse First Boston (Asia) 

limited 

DaiwaBank (Capital Management) 


European Banking Company Fup International Finance Girozentrale und Bank der Ssterreschiscben Sparkassen 

limbed Limited lta»rp.ilkrkft 


Goldman Sachs International Gap. 
Kuwait International Investment Co. s.a±. 


Kidder, Peabody International 
United 


Kredietbank SA Lnxembonrgeoise 


London & Continental Bankers 

limited 


LTCB I ntern ational 

Umitnl 


Manufacturers Hanover Mitsubishi Bank (Europe) SA Mitsubishi Trust & Banking Corporation (Europe) S.A, 
Mitsui TrustBank (Europe) Morgan Grenfell & Co. Morgan Stanley International NationalBankof Abu Dhabi 

United 


Noumea International 

Limited 

Sanwa Bank (Underwrites) 


NoriGcBankPLC 


OrionBoyalBank 

Limited 


Sandi International Bank ’ 

AT-Bink AL-5zoril Limited 


Salomon Brothers International 
J. Henry Sdnoder Wagg & Co. 


Standard Chartered Merchant Bank Sumitomo TVnst International Takugin International Bank (Europe) SA, 

jimitfd limited 


Teems- and Westbauk 

tlri ta i lf »oi l l n l i. f t 

TPilfiams & Giya's Bank jlc 


S.G.Warfnng&Co.L«. 


Westdentsehe Bundesbank Gkozentrale 


Yasnda Trnst and Finance (Hong Kong) 


Yokohama Asia 

TJmitiw! 






24 


Financial Times Tuesday July 13 1982 


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SAfrsA B.r. ' m 

4.50 ]/ 7/1986 

SAFI 44 l.T. 3 

‘ 7.3/3 15/ 9/1984 

Ml ISA B-V. 

a. on 20/ 1/1985 

SAFCJt B.V. 

- B.cn 1/ 9/1987 


08 3/3 12.15 8.36 :5 


1*74 AVCTBU.lA.a.'mvrwJll.TE 
8.71 1/ a/148» 3 


82 7/3 1 4.76 10.70 U 


K.J6 14.0 

08 12.35 6.82 to 

17.09 en.a 

34 3/4 18.82 9-Z9 39 

sa. 3 

87 1/2 14.09 9.14 M 
17.76 

76 14.17 10. S3 25 

1*.(5 

S3 1/2 20.24 9.23 3a 


193J r U.160I4.4 7ACIFIC : U 5/2 15.71 15.46 S3 

100.^0 14.625 1/ 6ft«2 . . 

1977 cosscOmsaj:'- linnn u 1/2 is.33 13.95 35 

99.SO 9-00 1/10/1942 17. B1 


1977 sn WT!5SlCC.«*flr or *7 1/4 15.77 9.17 135 
91.50 8.00 . 15/ 7/1986 

f976 SET tSZGttWtUX Of ' 93 3ft 15.80 9.37 X5 
100.79 B.TS If 8/1183 *■ 

M79 Vt» 8BnB8DI.Fl 07 Of 66 1/6 16.21 15.87 50 

71. K 10.125 ■ 15/, 1/2006 ■ 

t w: xp.ncsncE.n07 or 95 9ft li.a um& 200 

9.67 - 14.73 ! 1/ 7/1991 S 

tier* ttsEoanUBD t lab nsu 94 3ft 16.H is.67 3S 
99 JO 15-123 -25/9/1992 S 

MSMSEonnmso l’lab non u>3 3ft 16-35 is.» zoo 
100.25 _ 17.25 18/U/1JS4 

1476 i gHWiuHnrHo near n* 77 15- 20 12-01 9DO 

100 JO . 9.75 15/9/U6S 

1971 nai B QBUMJMWmo OF » 17-13 9* rt 

99J0 ,8. SO 2/ 3/19S6 16-05 . 

1977 aBBraaamAn.noTscB or 76 3/4 14.89 u.73 2» 
100.50 ; 9.00 15/ 2/1989 

1977 nnmorouaD.nWuas or 3« 1/4 16 js 16-2* 300 

100.00 - 9.1 u 1/. 9/2002 B 

<97* lfalUCTO U3. HOHJC3 or 76 1ft 14.40 12*09 100 
100.10 9.25 1/-6/1990 

1979 SHSlOtSMJkW.FWn*™ OP 77 3ft 14*03 12-9* 200 
'jjp '-fO 10-00 15/ 1/1996 

1979 W g IPO W USJ. HUW15C6 OF 63 3/4 16.83 16-30 200 
IM-Mt m.na ■ / ]Om * 


93 3ft 13.80 9.37 IS ? 


MSI* OnC OLTnAIEP -'SATHUST K 1/1 17.89 17.81 75 


98.50 lr.so 15/11/1188 

M79 BBe'jtiwmBs 

98.50 10.00. IS/ '7/1994 

>9*0 mm Htsoorai 
99,09 IS. 50 -4/(5/1992 

1971 weoFio* sOKZ‘ co?i 
95.m i.oo is t tnm 


17.45 

20.19 18.1 1 102 
21.79 

19.01 17.76 ZOO 


66 Ift 16.21 U.B7 90 


1973 DUUA1U5 BKCIXSB CD > 
100.50 10.15 15/ 6/1584 


76 3A 17.64 11.73 T5 
n S/8 17.59 It- 57 35 


!*M Al'STIALIA.CCPIX'Tii.lLTa 
97.J3 A.T5 1/10/1991 


7G 1/2 13.29 11.64 
15.65 


OS WLLABS-lBAZn. 


lirr A1HTFAJ W,C04 1 |i»s. , FALTff 
9i.S? B.AJS *.'12/1497 s' 

Mlfc A2; r«.\l :4,Ci’*r*i'MAJ.7H 
44.50 l.c-o IS.' 1 1 /lie* s 

1*76 &*muiA I u a raBK*4i.re 
94. *3 4.IS5 1/ r.'lUJ S 


68 3ft ZS.30 13-33 ?S 


M’l* 4ETFAM« a O*|W.ALT8 
91. ‘0 t.::4 !./ aj ’UK 3 


16.25 I*. 

70 3/4 14.17 U. 13 SS 

73 7/8 14-T'I 17.73 75 

13.95 

72 Jt. U 13.08 50 

15.(1 


MV. PAW* -rvi a-DZA.-xcr or m ltt is. (3 io.os m 
’. yi 15/ j/iisi 


23 

n:r 

129.30 

SO 

|-”n 

lOT.TO 

50 

CS1* 

iDj.no 

25 

t*>.. 

rt-i.ni} 

AD 

Jit? 

3L.S 

iro.no 

30 


ZI-( 

100-00 

30 

ns* 


b’. v» 

X 

|b*0 

91.50 

X 

I’M 

*%.:■> 

72 

I9«b 

n:.W 

150 

l*PJ. 

ioD.no 

30 

ii;/ 

)P.21 

30 

I*"? 

30.9 

19. on 

:a 

:».'5 

13.7 


20 

lift 

9.0 

IP. so 

25 

117) 

15- a 

iro.no 

-10 

ii;n 

*0.0 

•on.na 

*0 

MJh 

31.0 

ioa.09 

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197*. 

36.0 

100.00 

25 

197! 

16.8 

100.00 

VS 

u;i 

3-5 

99.x 

:o 

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8.0 

jr.no 

2» 

1177 

19.9 

99.7) 

3S 

l’T( 

33.7 

99.53 

25 

1171 

13.0 

inn . do 

10 

1976 

100.00 

19 

H7T 

19.0 

I03.cn 

SO 

(177 

*1-7 

100.00 

X 

1?F1* 
99. U 


iiF .UiT>.\-.t» 
i:.90 11/ 1/1183 


K.90 iv 1/19*1 


TO I/Z 15.63 i:jw so 
73 3/4 16.65 14.33 
99 3/8 16.34 16.26 2» 


B RA2 CL. AE PUBLIC OF 

8.25 1/12/1467 S 
BSA2II ilEFCELIC OF 

4.00 1/ 8/1432 S 
BK421L.9EPOBLIC OT 

4.25 .1/ 1/1964 
B3A2 (L.AawaLra or 

19.00 15/ 5/1946 3 

BAKU SAC DO Kin. BCOC 

9.25 U 7/1184 
LIGHT-3 EmCOS X ELCT 

9.00 1/10/1952 
US P02UUIS-CA3ABA 


73 13.73 21.30 jn 

30.89 


i4Bi Dnoer-CAncL ok so :A u.93 14.50 » 

9?.00 , ,19.50 1S/-2/L99I S.0 

IMi 3 Hw4aso mdsAB 1 S3 3ft 15.66 14.19 30. 

. 94.50 13.15 15/ 3/1986 

I97t smir mmiifthitSTxaxP 93 1/* 15-92 «.** 73 

300.00 . 8.60 15/ 8/1H3 3 

1973 scotr'ttieuBMsr bnr 92 aft 13<u ic.93 sa 

100.00 .9.83 15/ l/M^A « 


88 3/4. 25.51 9.32 125 

83 1ft 17.63 10.34 ija 

76 13.92 23159 1H 

84 Z/S 19.37 11.00 uq 
96 3/4 12J3 9.30 im 


1979 gpotr tewMPmFT ana 

91.50 9.35 It 3/11*4 

1480 ZUOBT ventCBMacr'COKr 84 9ft 13-32 11.23 S3 ' 
100.00 4.» -15/1/1986 

1979 E2708T ElEIflWm CdtP 90 1/1 13,39 10 J2 60 

100.00 9.75 1/ 9/1984 . 60.0 

1980 EDOStT TCVEtO P^tTT ' CfllP 90 3/4 £5.56 14.0 IDO 

l^D-00 12-75 15/5/1987 

1980 SXnilT HBVELOPSliT COST 97 1/2 13.70 14J7 a 
IDO JO 14.00 13/ 5/1483 S 

1961 mu KfEUPBEST COS? 95 7/8 15 J9 15.2B 100 
94.67 14.125 1/ 3/ He* 3 


91 3 ft 15.39 10.13 SO 


1*79 CAKAOA 
100.20 8.00 


USCTAIIAK JESnflFCn 
*■» 1/ J/I9A1 


70 15. in 13.21 2S0 

lb. 4* 

94 7/S 18.00 10.01 400 


12.0n 1/1 1/1403 

AC5TFAI US BTSWFCES 
I3.WI 27," 1/1986 


89 7ft 13.65 10.71 
\ 

95 1/4 16.05 12.60 750 
91 3/4 18.01 14.17 30 


100 

94 3/4 16.71 8.(2 z30 
33 5/8 15.74 10.05 250 
62 1/4 15*45 14.34 ls0 
92 3/3 16.33 9.98 75 
65 3/4 13.44 14.36 30 
97 1/8 13.23 14.80 m 
S3 7ft 17.03 16.78 u 


92 1/4 15.39 14.63 


94 7/3 16.00 15.55 30 


16.07 9-64 =J , 


SrCTT HOL PHOTS 

*. 21 !/ fc/1989 


10-00 1/ 4/IM7 

i«xn vtv EntijFT 
19.35 15/ 7/1991 


9-SO 1/ 1/1992 
usvt mos res 
*.0G 15/11/1987 

ET5LP.T [KKI TTS 
9.00 1/ 5/1186 

1VI/T CTOS FIS 
9.00 1/ 9/1985 


2/10/1986 

FLU 

15/11/1986 

IS 

If 7/1983 


76 1/2 13.80 10.78 IM 
15.03 

76 15.47 13.16 MO 

16.7/ 

85 15.53 11.18 MO 

19.16 

85 11.55 11.76 33 

15.36 

72 1/2 16.25 14.14 100 

17.99 

SO 16.41 9.44 0® 

16.41 

70 1/2 15.(2 13.45 ZOO 
17.06 

73 1S.7R 10.96 ZOO 

20.41 

8} 13.13 10.84 UO 

27.81 

84 16.31 11.11 50 

- 20.85 

84 16.97 9.Z3 20 

17.3* >5*5 

SO 15.84 ll.U 7S 

16.50 

79 15.61 1L.00 150 

19.60 

92 11.45 9.78 ZOO 


95 3/3 13.82 15.16 
101 3/8 15.90 16.03 
10O 15.48 15 JO 
78 1/2 14.17 9.87 


lire <?TtMEA3 FT* 

9.00 15/ 8/I9S7 


9.00 15/10/1992 

c ris 

15.50 15/12/1983 


78 15.51 11.5* MO 

18.01 

72 1/2 14.32 12.41 100 
13.07 

97 16.21 15.98 » 


100.00 0.20 1/10/1985 S 

I97R C43ADA 62 1/4 LL41 14.3 

99:75 8.625 1/4/1998 S 

1978 CAUDA 92 3/3 16.33 9.91 

109.00 9.00 15/10/1983 S 

lira CAUDA 63 3/4 13.44 14.31 

100.00 9.35 13A0/1998 S 

IW3* CAS ADA 97 1/8 13.23 14.8) 

100.00 li. 375 16/ 6/1987 

1*81* AUTCBT-FRICe CTC S3 7ft 17.03 18.7) 

100.00 15.75 15/12/1991 

1*76 ALBTCiTO CO OF CAKAD6 78 15.49 12.18 

100. Sq 9.50 15/ 4/1938 16.84 

107a AQCTTAra CO CASAM 87 3/4 17.31 12.82 

IT. 50 11.35 15/ 1/1935 

197b AVOJ ns SEKV-CASAHA 92 17.00 10.05 

ICO. 00 9.25 15/ 9/1981 57.97 

1*81 BAHV or MSTHEAL " 99 14.56 14.39 

99.50 14.25 4/ 5/19B& 

M83* BA.TV OF WWTUAi. 95 5/3 15.82 15.18 

100.00 14.50 21/ 5/1987 

MSI* BASK OF MMTHEAL 101 3/8 15.JO 16. OJ 

100.00 16.15 1/12/1911 

1*31 BASE OF ROTA SCOTIA ICO 15.48 15 JO 

99.50 15.50 15/ 6/1966 

1977 3ELL-CAKADA 78 1/2 14.17 9.87 

100.00 7.75 1/5/1937 

l*ib BELL-CAKAI1A 86 13.46 10.17 

100.75 3.75 15/ 7/1986 

1976 BELL. 'DA 38 16.01 2-5-64 

99.25 ' li 1/ 4/2006 S 

lira BEU^CMADA 59 3ft 13.99 15.73 

100.00 9.00 13/ 1/2008 S 

Mil HELL-C4KADA 96 3/8 15.83 15.61 

99.50 14.38 15/ 6/1991 8 

19(0 AS-9T 93 1/8 16.31 14.23 

100.00 13.35 13/ 5/1985 

1972 BMSCAH WT 74 15.88 11.15 

100.00 8.31 I/I0/19B7 21.75 

1«:7 BRITISH (ML0HB1A HTOftO B3 3/8 15-30 9.30 

100.00 . 7.75 15 / 3/1985 

1975 BETTIS I COLOMBIA BYDU3 64 7ft 15.70 13.39 

93.75 9.(35 1/ 6/2005 S 

1982* BETTIS B COUDCTIA BTDBO 97 l/B 15.43 15-19 

99.75 14.75 6/ 5/1989 

1981* BUT (SB COLDHITA BTDBO 96 3/4 16.66 16.66 
99.0) 15.50 15/11/2011 S 

1991* MIT EH COLOMBIA 07090 102 1/2 15.33 13.85 

100.00 16.25 29/10/1988 

1981* HUTCH COUDI MFA R85C4J 103 5/3 18.29 16.41 
100.00 17.00 28/10/1997 

1978 CAHADATK 94 1/2 15.06 8.99 

91.00 S.JO lif 6/1983 

19K3* C4KADACT. 99 3/8 15.55 15.56 

99.75 13.50 13/ 3/1987 


l»T7 oaner dm 
100.00 9-00 1/ 8/1992 

1970 QUO BEG WD80-CUKTMC 
99.30 9.25 1/10/1985 


79 1ft 13J6 11-98 30 
ba run ii.m Aft 


IKkl CBOBCB nsint. , , 

99.50 13.50 1/6/1387 


lift (REBEC flDKO . . 

99 JO 9.50 1/ 7/1993 


84 15.87 11.01 

21.59 

77. l/B 1>63 12.32 


|OW HWVW.CITT or 
100.90 >.n 15/ 3/1987 


1961 nWTFFB.CIXT or 
100.80 13*71 30/ 6/1986 


M75 QIS8SC 87080 _ 

59*00 ^9.73 1/ 0/2009 S 


10 7ft 16.96 16*66 » 


mi* OUBitBtC.CItT OF 

100.00 17.00 l', 10/1986 


» 1ft 15.46 15.98 
O 1ft 17.04 16*73 
» s/ll 14.93 16.71 
[ftSlft 1MB 17.31 
17*78 14**4 
A Ift 16.33 12.26 

99 3/8 13-76 15.73 

» 1/1 14.U IStH 
33 3ft I6.U16.M 
tl 5/8 18*91 16.10 
U 1ft 17-25 13*38 
76 13.(2 10.86 

K 3ft 13.83 ll.U 
103 13.83 16*30 


1979 Q9BBEC BtUW 
93*00 10*00 15/ 5/1399 


w wujusHmonn. 


1978 OHEBEC UnWVTOCrtJC 
99.73 10.00 13/ 7/2003 S 


16.96 16.7* 2“^ 


1979 oauec Ban 

100.00 ia.00 1/2/2009 3 


1973 GBUHIUJIUDntC OT 
100.00 8-25 1/ 7/lttt 8 

ra DQLLAU4CHU8S 


1S.5S 11.30 
20.63 


1*79 qOEBtC m*0 . ' 

100.00 ^0.125 1J/ 8/MW * 


a 5A 16.94 26.79 


I960 queue mu 33 1/2 17.19 17.D9 » 

91.38 10.75 15/6/2010 B 

1979 QDUEC onto 886 86 . 0*37 13-51 SJ 

96.75 II. 23 LS/1Q/2009 * 3' 

1980 (HUEC nou 80 5ft. 13.42 14-26 . 30 

IDO. DO 11-50 IS/ 6/1996 If 

I960 qOEKC nSBO _ • . 92 7ft 16-3* 13.91 

100.00 ^12.50 1/ 2/1S8S * » 

1980 qmBEC mno 88 UJ6 1*01 20 

100.00 12.50 13/10/1587 * 8. 

1381 QOEKC 1EU m K 1ft 16-00 13.07 100 

100.00 11.00 If 2/1931 

1981 QBEBEC HIMO W 86 1ft 16.00 15.07 3* 

100.00 13.00 1/ 2/1991 


0*57 13-51 33^ 


80 5ft. 13.42 14-26 . 


1982* EXPORT ECVTLDFMCTT COT* 97 3/8 13.78 15-40 
99-61 IB. 90 17 A/1967 S 


ioa.00 lo.oo 1/ 8/:ooi s 

•i«n Mn o wm Jiift^niwCT or . 90 ift 15.77 14.38 100 

99:0a 15.50 1/ 2/1590 16.25 

TMI* HBOFIOIUSD.PISVGKS CT 93 3/6 16.94 16.64 100 

98. » 15.00' 25/11/1491 8 

1981* msrasnUSD.PBOTOfcE ar 105 7ft 15.78 16-29 1S7 
100.00 17.25 t/10/1989 

lKi • son «-4ussm ctmr » ift 16.66 16J6 in 

99. m 16. a 7/ 1/1989 

lira mu scorn ewi at s/s is-i« 15.96 20a 

99.00 9J25 1/ 6/2008 S 16-41 


92 7ft 16-39 13.91 1®. 

Sft»w 


15.56 14.71 20 

6.0 


18.25 13/ 7/1991 S 


1980 FEDERAL BUS1K5S OFT U 92 3/4 13.52 13.21 
100.00 11.25 '15/ 5/1995 

1980 nsfcAL- B054XESS 1*T 3* 91 Ift 15.59 13.99 

100.00 U.U 13/11/(185 


1379 HVB SCOTIA POTEF 
».» -9.15 15P JflW ■ 

vno 50VA smu-PuniBCE ar 

130.00 9.00 11/ -5/1985 


76 7ft 13-42 12-68 130 
16.31 


16.38 10.71 30 


1981 lEDCRAf, BOSIKSS Kt BE 96 7ft 16.06 13J7 SO 
99.68 13.635 "15/ S/198E 8 48.! 

1981 FEDtllL'llEUBSS OW BE 100 1/2 13 J1 15.67 75 

99.75 15.75 15/ 6/L9K 


1330 mu fcmu.nimMx ar n art 15.29 13.48 73 


1979 GS99Z4X - 

98.50 1 0.00 1/ 'S/I 969 

1481 GEES LAX • • 

99.00 14.75 .1ST 4/1991 

1981* GEETUr COBP 
100.00 17.50 15/10/1969 

19/7 (SEAT UBS FAFER.CO 
100.00 8.75 1/ 3/1984 


70 17.88 14-39 73 

18.36 

87 Sft 27.57 16.83 US 
17 JO 

95 1ft 13.70 I8J0 125 


99.23 10.75. 15/ 7/1 MO 25.83 

MSI 8«n "-SCOTIA, EBOTCCE OF 97 13J4 13.46 50 

100.00 13.00. ;30/ «/19H 

.1932* aon acorn, laonsce or 99 3/4 13.75 13.79 13 

200.00 15.75, TV 3/1989 4, 


1980 QCEKC mU . 79 1/S 17 JO 17.36 If , 

99.50 13.25 13/10/2010 S 6*i 

1982* QDUEC BUKO 101 15J9 16.0* 10 

100.00 16.U 13/ 2/1988 8*D 

1961* QUEBEC 1DU . . ISO 3/4 16.73 16.78 ” „ 

91.75 16.25 13/7/1991 S **0 

1981* QOKUC HCT60 IM 3ft 16.25 16-55 33 

100.00 17-25 - 15/10/1991 6J 

1975 QUEBEC. PUTIBCS or 65 17.93 11 Ji 4 

99.00 ■ 7.50 15/ 1/1988 21-32 5*5 

1976 OOEBSC-FUmiKE ST 96 3/8 13.64 9.31 » _ 

200.00 9.00 45/ 1/1*83- 6*5 


IM 3ft 16.25 16-53 33 


17.93 11 Ji 4 


56 3/8 13.64 9.31 » . 

5.5 


1976 qoEBec.vBen!tct or _ 
100.00 9.00 It 4/1984 


90 1 ft 13.52 9.94 


1981 • mi StelA.^WTOKt- or 99 3/4 16-41 16.41 
99- » 15.75, ■ I5/1X/L9U B 


39 1ft 16.33 9.78 75 

16.02 


MSI* COUr-CAMOA L» 
100.00 14.75 1/ 4/1992 


94 7/8 13.77 15.35 33 

IM 


39 3/8 13.99 13.73 
96 3/8 13.83 13.81 
93 1/8 16.31 16.23 


74 15.88 11.13 

21.75 

83 3/8 15.30 9.3D 


64 7ft 15.70 15.39 
97 l/B 15.43 13.19 
M 3/4 18.66 16.66 
102 1ft 15.33 13.83 


1976 HCffi OIL CO 
100.50 9.50 It 7ft986 

1979 HIIBOrs BAB 

101.00 10.00 15/ 2/1994 

I960 HDBSOT^ 14Z 

lOL.aa n:w 13/-0/1990 

I960 on UiunA 

100.00 10.50 1/7/1969 

1991* XKA3G0 

99-30 11 .53 15/ 1/1969 

1979 SOBEIAL OIL 179 
99.81 9.75 15/ 9/2009 'S 

»77 ZECO 

100.00 8.25 15/12/1964 

197! uko 

100.00 9.00 15/12/19(2 

1976 15E CARADIAE.TDURCI 

100.00 9.30 1/ 5/1986 

1977 HAOriUUM lUKIltL - 

100.00 9.00 1/. 2/1992 

M78 BAatnuH monti 
99 -a .9.23 13/ 3/1499 


79 17.11 12.03 la 

17.(1 

71 3/4 13.32 13.94 ICO 
I6.8Q 

75 1ft 17^3! 15.11 73 


92 3/4 13.60 11.32 MO 
97 16.20 U.M 130 


62 3/6 16- M 16.14 130 
16.89 


82 5/8 17.44 9.98 200 
62 3/8 16.85 14.43 100 


99- W 15.75, 15/11/1991 B 

1977 o mono an*o 

100.50 - 8-06 T5/-4/I987 

1*76 (ntAlro inao ■ 

99.50 8.23 27 / 5/1983 

1971 OttAflO imO-EUKCTIC 
100.00 I.S 15/ 1/1986 

1978 OTEAE1D UlUKO 

99.50 8.50 If (ft 985 

1476 OSTAfcO CTO 
99.50 8.50 10/ 9/1936 

1974 OStAUD BUSO 

99.50 9.00 2/.1/1SB3 

Mil OtCAFTP EBRO ^ ' 
100-00 1 13.50 26/ 2/im 

1982* OEtASXO 8X080 
99.75 1A.79. 29/4/1989 

I (81 A OVVASXD Eton 
100.00 16.00 28/ 8/1991 

1991* OnARta EXDOD 
100.00 19.00 19/11/1991 . 

1975 mtABIC.lUrBCE or 

100.00 8.40 15/11/1985 g 


4.2 

99 3/4 16J1 18.41 60 

50.4 

78 1/2 14.51 10.19 LfQ 


1970 QOEBfC.nSVZKX OP 
100.00 9.00 1/ 3/1985 

1977 Qfc8EC.nwn3CE or 
99.00 9.00 1/11/1995 


ItJO 10-59 


33 7ft 13.26 12.18 If , 


94 1ft 15.62 8.76 100 


1974 QDEBEC.mornCE or 

100.00 9.20 . 15/ 4/200* 8 

1975 QSSKC. PROVINGS DP 

100.00 9-BT5 15/ 5/2000 B 


56 3/4 17.29 16J7 M _ 
ImO 


61 3/4 17-30 16-63 ™ ? 


84 3/4 13.44 9.73 7S 
27.7S ■ 

86 1/8 14.66 9.87 150 


J98I QOEKC. PROVOKE Of E45 
99.00 (4.75 1/ 7/1986 


97 1ft 15.77 19.19 “ ? 


1981* QUEBEC. PROVINCE O T 

loo.u a. a ts/tvim 


97 Zft 15.87 15.70 1® f 


81 1ft 14-83 10.48 15 
12.1 

» 3/4 15.82 9.30 23 
92 7ft 14.98 14-54 100 
97 1/2 13-33 15.13 30 


1975 QUEBEC HIM COSXODtlTT 
90-50 9-H 15/ 5/1992 

1977 KBIMTfl BD8S TRIES 
100.60 9.00 15/ 1/1989 

1981 WEAL USE OT CAUDA 
100.00 14.00 21/ 4/1986 

1980 1OTUASE m 
100.00, 11.25 .15/6AMS 


97 1ft 22.20 9.74 =i 


20.23 15.25 1®' 
2*3 


96 3/8 15.27 14.53 M _ 

1*9 


90 7/8 U JO 12.38 


1976 lASKAXCmAN.ROKIKE OT 80 3/8 15.45 10.19 *? 


Vtt 3K 15.58 15.72 '125 
. 120-0 
83 " 15.55 10.38 12) 


1978 lASEAICBEBW.PRorpKE OT 61 1/4 15.V0 15.67 4 _ 


100.00 " J.25 lit 4/2008 S 16.05 *■ 

M6Z* SASEUSSEOAN.PtOTaCE W 101 5/8 U.U U.I4 S , 

100.00 16.00 15/ 3/19S9 20-' 

1481* SMUTCHED AH. PROVINCE V 101 7ft 15*69 15.95 38 

100-25 16.25 15/1 1A9K 

1HI* SASKAICBCIUS.FtonNCV OT 10] 16.35 16.U 38 

99.88 . .14.375 1/10/1ML 8 


18.78 12.50 230 


li.U 15.25 ISO 
19.43. 

18.49 13.9) 73 

19.75 


1977 osuna jumscB or 
100.00 8.7) 5/ 1/2008 * 

1971 ONtUtQ JWMt « 

99.30 9.12) 13/ 6/2005 8- 


1970 oNuna.ROvug ar 
100.00 9-23 1/ 8/20» 


1976 BAHlftBA EXDHOJIZCTlUE 62 5/8 13.95 13.32 200 
99.50 9.23 30/ 6/2001 S 

1474 RAETrOBA B7OTCKC1ECCTIC 61 3/4 15.1) U.M 200 
99.75 8.23 1 5/ 6/2004 8 

1476 msttaA,n0VOCi ap 95 ' U.U 9. 21 2W 


1973 anAUo.mavnas ar 
99. » 9.25 15/11/2005 * 


1978 ONIAEZO. PROVINCE OT 
100.00 9.375 It 6/2008 X 


iaa.ro 8.73 15/ A/19U 
1(73 iunrn4,7BOViKE <r 
94-30 4.23 30/ 4/19U 


15.70 10.78 300 
18.90 


1979 HlHnOBA,FWn]ICE Op 
99.00 4.50 13/ S/1M9 


1982* BunroBA.aovnz or 

98.25 14.73 U/ 3/1947 B 


80 5ft 14.19 U.K 300 
95 16.22 16.13 200 


1178 QBtAJtro jmvm or 
99.00 9.97) SOAI/ZOOB S 

1979 omjao.sxoraCE or 
99.U 9.75 1/ 3/1009 8 

1979 OHUKTOJEOTOtCE OF 
99.30 9.871 20/ 9/2009 S 

1482* 0B4EX0 JRDVtNCS OT 
99.ZO ' 15.75 25/ 2/1992 ■ 


58 3ft 15.83 15.35 100 

61 1ft 15.89 15.41 200 

63 1/2 15.80 15.10 60 

62 15.80 15.48 125 

62 lrt 15.85 15.63 IN 
62 1/4 15. S3 15.83 40 

64 3/4 15.80 15.62 SO 

69 1/2 15*80 15.64 30 

101 Sft 16JO 16.10 50 


1976 SE40UH 

lM.ro 9*00 15/ 2/1983 

1482* SHELL CAUDA 
99-50 14.375 15/ 5/1912 

1481* SUL CAUDA LTD 
94.75 15.75 15/ 9/1991 

mi* sumon-OAu atojo 

100.00 17.50 1/11/1988 

1981 'fORORD-OOKIVIOt BARE 
100.00 14.00 15/ 4/1984 

19U* TOROTwnaasTow un 
100.00 ISJ9 15/ 7/1984 

im xouaro-nuinn us 
100.00 15-25 15/ 9/1983 


95 Jft 16.13 »*» ” 4 


45 1ft 15 J2 15.09 
101 3/8 13J2 15.54 10ft 


anB’TTi&ft 

sSm BS ^fro“u7 I *rtrts " 

1967 DEMUSX.naBOM OT 
99-25 b.7) If 9/1962 

1972 KtHUOLKIlKtlCM OT 
99 JO 7*30 15/ 1/1930 

1976 nauK.mom ot . 
91-00 8.50 I/10/lMi 

1970 DEW4M.TOCW1 OT 
99.23 4.U 1/17/1983 

IMO nmuw.iaiKM>N ot 

99.30 11.75 1/ (/I9W 

1166 ASS tWKITAL - KOTW 
99.25 5.75 3»/ 8/1984 

1871 CABERBUmG-TUBOtn 

96. SO 8. a 1/ 4/1986 

M77 co-op muiK ; ' 

100.00 *.62) 13/10/1984 

1461 COra*WM,ClTT OT 
99-30 8.00 16/(1/1985 

1467 COPBWAaif.CTfTW" 

99.00 6.30 19/ 4/1987 ■ 
MM commute* 8, CITt OK- 

97. a 8.M 15/ 9/1884 

1970 COKRUfiU.CITT OT __ 

98.00 4.00 1/10A985 

HR CORNMCER DnWTY AOT* 

97.30 7.73 13/ 3/1*47 

1964 COBTNAEU CTLEMMI 
91.50 5.75 1L' '2/1904 

l«U COKMAtZI mCfHIB 

100.00 $.73 2/ 7/1484 

1967 COVRHKAC8R T1LEPW* 

98.00 6.75 1 3/10/1482 

1966 COTEMUGEN T8LPPBWE 
98.73 *.a If 4/148 6 

1471 COFE SUCKS TOAMWe 

100.00 . 8.SD- 1/ 2/1966 

1970 COJBSHACZS TKLEPHOAR - 
100.00 9.00 13/ b/1943. 

1478 EISA? -JOTIARD DBB1 I G 
. J9.38. 9-00 13/ 2/1.983 

MM J0tLA9B.n»BN ELECTRIC 

98.73 3.7) 13/ 9/USi 

L964 lOTLARD TRlXPMHt ‘ 

96.73 5.73 1/ 5/19M S 

MM JRIARB TRLRFEONE 

88.00 5.79 1/ 5/1984 S 

1964 WRZCAEE BANK OT DB8H4K 
99-00 5-623 15/ 3/1984 a 

1966 3BRTCA6E BAKR OF SEMAK 

96.30 6.23 23/ 1/1464 

1972 HORtCAOl UH OF DEmUK 

' 97Jfl 7.54 1/ 1/1991 

1976 UOHB BMC OT UKAK 

14.00 4.00 1/ 4/1183 

1477 MVATBAR1IN 

100.00 ' 8-00 15/ A/1944 

1478 r L MIBTH 

200.00 '9.90 1/ 7/1948 S 

08 00U48SJBLUD 


ai/iu-u c-a 

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90 1ft 10*02 6.(4 
11-94 


97 5ft 23*43 6.93 


91 Sft U.n 19.47 
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M 3/4 U.U MO 
16.12 

95 7ft M.72 9.45 
11.76 


66 5ft 13.86 6.K 
16.55 


94 5/6 10. AS 9.25 
11.47 

90 13.94 4. SI 

17.82 

90 7ft 9.24 6.60 
11.67 

» 1ft 9.12 7.21 
10.76 

93 11.74 MB 

14.02 

92 7ft 11-72 9.69 
11.22 

El 3/8 t*.33 9.11 
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90 7ft 11-08 6.33 
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96 Sft 19-D 6.99 


M l/B 10.33 JJ6 
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91 3/1 11-34 9-24 
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n 3ft 17.16 9-74 
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84 46.75 10.71 


M Sft 11-08 6J6 
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90 1ft 12.74 6:48 
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95 1ft 16.20 9.46 


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US 1/2 16.75 17.07 _ 


97 3/4 15*42 14.32 700 
101 1/4 14JS UJX MO 
99 7ft 15-20 15.27 XDO 


1970 nmjuto.inoBUC or . ‘ 
94.40. a. 75 13/6/1913 ■ 

i«77 imun.BEFinue or 
98.35 6.73 15/10/1MZ % 

1978 R8lAND.8EmH.IC OT 
99.65 9.00 1I/4/19SB S' 


94 1ft 16.11 9.51 


70 14.99 11.89 

17.83 

74 1ft UJ) 17.49 


1979 FULUD JSniUC OP 
99.50 9.90 IS/ 3/1966 


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1479 TZUAn.UFDBElC OT 
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1977 T.S. L£Ht (CKBSn 
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1971 CTHA.FO.HEPCBLie OF 
97.53 8.23 1*7 2/14*9 B 

1970 HttQLTC.ICTailTC OT 
99.00 J.OO 1/ J/11S5 $ 

MSI XSrJOT.TOCBLrC OF 
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Mil* L88LA5D 

95.73 18.30 1/11/19A8 

CT DOLLAHS-tTAIT 


79 13. tl 10.72 

16. 79 

87 Ift IS. M 10 JI 
17.18 

86 18.73 14. S3 


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100.00 7.50 1 3A0/1982 

Mrs 8 -t.e. nnsanmtc - 
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SS BOUABS-tmeO 


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91 1/2 43.19 8.20 3D 

44.0 

93 7ft 20.02 .9-59 75 

75.0 
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93 r.s i:.;r 3.59 

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17.67 14.61 
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11.19 7.71 
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94.99 . .6.50 

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84EC0 SAC HE OSRAS 187 
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97 3/4 17,88 17.90 
•99 3/4 16.74 18.79 
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1972 L.R.I.' 
98.23 7.0 


1/ 5/1985 S 
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1 /I 1/1493 S 
It l/ll£l 6 
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15.53 9.09 
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15.29 10.39 
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(978 kbs mnuH 
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1980 XnAORTFlRAaS 
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M79 EBPOKinRAB 
99.23 ll.U 15/ 1/1987 

1982* ZraFORIFISAU 
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1184 ERAFTLAKt OTTLARDUIAR 
99.00 5.75 1 5/ 3/1984 

1985 X0A7TLAQST OTFtATTBSXAFT 
97.30 6.25 1/12/1985 

1964 MQ8GES XOtOdMALlABK 
99.50 3.7) 13/ 1/1984 

1972 ROUES UHCSMAUAItE 

99/25 7,50 1/ 2/1987 

1972 . R080B3 TCKKB5ALBA.lt ' - 

99,00. 7.50 L5/I 2/1490 . 

1*76 KHCE1 rasaMAUMC 

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82 5/8 13-11 9.68 2D 
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18 7/8 12. CT 9.83 15 

14.55 10.0 


82 3/8 14.10 10-93 .30 
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82 1ft 14.76 11.57 
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lin-TSOOt- ' 84 3/5 1 3.M 13.04 

98.00 8.50 1/12/1986 14.30 

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98.30 9.25 1/3/1489 14.7! 

1*7) xscat . 178 96 7/3 12.91 10-58 

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82 7/8 12.70 7.54 15 

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81 5/8 15.04 9-U 50 

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73 1ft 12.88 10.26 
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1972 X.B.X. tStun 
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1972 WrUUCTQR 
99.ro .. 7.75 . 4/ 1/1988 

1971 TETWMR 
99.50 8.30 30/12/1986 

1976 HBI7E 

99.00 9.25 ' 1/17/1963 

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92 1/2 15.39 10.00 


(.24 T.33 
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s. 32 7.3* 
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li.S5 9.98 
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83 1ft 17.99 13.57 
94 3/8 37.89 9.34 
94 3/4 46.37 7.80 


1*78 ROMES BHnUUARR 
991.30 9.12) 1/ 4/1998 S 


75 7ft L3.06 11.20 100 
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70 3/4 45.07 14.44 12) ' 
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1977 sract.cnraM of 
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1*77 SNEIKR.ttNSOOH'OT 
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1970 J3EDRR, EURSKH OF 
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76 1/8 15.71 11.48 


IS. 56 10.37 
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91 SA 12.80 10— JS 
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91 1ft 11.85 8.4) 
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98 5ft 17.87 17.74 
58 3/4 17.99 17.97 


11.85 8.43 
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16. ift 9.93 
11.35 

li.!s 12.10 

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71 JP.74 10. 7ft 

11.97 

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91.73 9.25 15/ 4/1983 

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3-20 11/ 3/1985 

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95. M r.50 13/ 2/1983 

117ft StlCBEUS 
100.50 4.2S 13/ 3/1986 

157) SUCBEtTS 0*STA2 
99.75 £.W IS/ 9/1913 

1*74 SICULCT a’SEAS 
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91.23 U.M 17/ 8/1194 
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92 13-33 11.25 


83 1,4 15.78 11.56 


77 7/S 16.00 12.8b 
79 3/3 16.02 14.17 
95 1/E 16.0/ 13.67 


89 1/4 16.00 1U7 


94 3/S SS.74 13.73 


93 1/2 15.97 15.37 


190.00 11.00 1/ S/1W8 

n;i satsp ist t;v fpr nr 75 M.oo 10.07 

100.00 7.7) 1/ 2il»R9 

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1982* BATIK I1T ns IS 95 11.89 11.03 

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1*77 CORF F!S ttCirn? MS nr 5* 5.94 4.79 

lQfl-99 4.71 1/ (71187 

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10C.03 4. in !.' H/IM7 

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100.00 7.75 1/ :/1938 18.98 

1177 ffiWIL (VI Ffl M 5/8 15.48 8.76 

100.00 7.50 1 '10/1 334 

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96 25.14 8.07 


1977 1ST 

loo. oo 8.00 -If 8/1987 

1(77 mCSSUS.HOBS ■ 
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lif) BOTCH 3 LATE Him 
iro.00 8.75 ir 8/1988 

1*824 5SRU 

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11.21 9.09 
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1977 MOTT Ft 

99.75 8.SO 15/ 3/1989 

2976 MOTlPe • 

99.50 9.ZS X/ 4/1986 

1987 Mm RTqpO-RtEKCTISE . 

97.50 4.873 U/10/19SZ S 

1977 SatSEBIDW) . 

99-50 7-875 L/IZ/198Z 

1977 NORSE BTOO 

99.30 8.50 . 1/ 3/1992 

197ft mst'imao 

99.50 9-00 15/ 9/1991 

1978 NORSK. EXDRO 

99-00 , .9.25 15/1/1994 

2976 NORSK BTCSO 
100.50 9.50 1/Z/19B6 


74 3/4 14.43 11.37 ZOO 
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1479 SUKVU.KUaaXPf OT 
99.38 4.50 13/ 4/1986 8 


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81 3/8 U.93 11.68 


86 7/8 13.93 10.65 100 
. 18-59 

96 22.76 7.29 100 


86 3/8 17.15 8.17 150 


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73 3/4 14.U 12-20 -DO - 


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15.07 11.53 
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15.90 100.0 

85 7/8 14.79 L1.06 1)0 
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92 1ft 13.15 10JS 150 . 
13.89 

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1979 SHEseiT.UKKM OF 

99.73 9.75 1 5/ 8/1984 

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99.15 9.75 2 / S/1989 

1*80 SVSreit.KUfCMK OF 
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1980 Smp.BRM OT 

99.(3 11.-175 15/ (/2000 S 

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1*79 ftUEDU.EHnOd or 
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1*80 SOBBOt.KCTQWN OT 
94.25 (7-375 15/ 9/1985 


89 1/2 15-91 10.89 
75 7/8 15.73 12.85 
78 16.13 14.09 


74 1/Z 16-Z8 15.85 
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92 1/4 16.18 13JO 


76 1/S 16.26 15.85 
19.18 

91 3/4 15.78 13.49 


348 r* SNEOER.KCOXSt'OT 
48.50 14.50 1/12/1988 


1978 N0RBEC1A1 ZRTH5CT7 *t P 
100.00 8.75 30/ 6/1985 


ii77 nnosrn rewslmdes b 

lOO.M 8.00 73/ 4/1984 

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99.30 3.00 1/ S/1987 

1*71 TCRLAED.SETQBLIC OF 
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W-® . . . 9-P _ip0-00 9.25 15/1 0/l M3 _ 28.05 

9» 3/4 HWWjy.SS. 15 '■ ‘ 1J47 MI * - 951/5 17.M 7*« 

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73 3/4 15.07 U.n ‘30 ■ 


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100-OO 9. » - 11/ 4/1956 


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75.71 . 12.00 1/10/1981 

1980 300158 8000 CUBIT 
99.TO .12J70. 1/ 3/1985 

19*1 SWDB»*Wl*TC«B7r 
100.00: .13-00 15/ inm 

UBS* SHEDB8 EXFORT CREDIT 

99.50 16.75 15/ 5/1990 

1M5* SHE0ISrE»nT<V PFT 

.100.00- 15.25 15/3/1989 

1*81 SHEPtsW non CUBIT 

79.50 15.75 1/ 6/1936 

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96 IS. 60 12.50 
92 ' 16.18 13.59 


.98.75 14.00 • 1/4/1986 

1*82* pdiakb ra u rpKiw . 
W0.00 15.25 1/ 7/1989 

1972 TQDnS- ■ - 

100.30. ... 8.25 V 2/1987 
1977 fbmb ntr rit' • 

100.00 . 6.75 1/ 8/ms 

1971 6.0.5* ISiaEUlilRUL 

1.09.00 0.30' 1/ 3/1966 

1974 C.D.S. WmXATIOBAL 

100.00 9.50 5/. 4/1989 

1975 COLD 7 [BUS fBOatBU) - 

.100.00. . 10.23 13/ 7/1983 

i«7? "ctiura 
98-50 


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15*4. 

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13.14- 8.77 
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3043 1743 so 


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97 U-99 15.72 40d 

36 2ft 15.22 10.75 34 

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82' 1/4 15.10 10.33 Vw 
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86 '16.63 21*91 SO 

18*07- . 

•76-2/2 ii. 55 20.07*' 75 
19.09 


1970 0KAMB MSBQNU&Ui HOTEL 8*3/4' 1343 10.42 » 


30 


i»7] Swedish aw m i n r bak 
100-00 7.50 13/ 1AM8 . 

'1972 5«KDIS7i BTES mur SiS 
99.00 7.73 ■ 1/11/1937 

1976 3TDBUTT 

100.00 9.25- J5/ 5/1986.- 

1976 BBBEMnAWMET . ¥ 

100.00 . 7.75 1/12/1963- V 

1977 mnSMUAMOTT * J 

100.00 7.75 15/ 9/1986 

1972 VD190 

100.M. 8i00 1/ 9/1967 

■ 1*77 wi.«r ■ 

-100.00 . 6.00 1/ 3/1987 *. 

1*73 VOLVO •' 

99.30 9.30. 1/ 3/1995 

ig wuiw-winnuiB 

1977 fijiT TO W 
100.60 6-00 1/ 8/1982 

1972 Swiss anastiw mstitd 

98..30- 8.00 1/ 7/1987 

ib TjonuwwuaiHA 

1977. vuezoeu.iBeaiiuc or 
99.50 8.00 "15/ 2/1906 . ' 

1*77 -mEzSEUJsniuc or ' 
99.75- 8*125^5/10/1984.8 

1977 TOBuhnA.xcnnaic dir' 

. 99.30. 8.75 15/10/mi ft 

7972 .numsu kl 

100.00 0-29 15/1 2/1 987. •». 

as TCixus-qni ggaaow 

'1978 mXIED ICOKBnf 

100.00 : B-50 ' 1/-3/1985.-8 

1978 MBED KZHBD0K ' ' 

99-00 6.875 U S/1S9S « 

”i*T3 aiuju«£ nor m 

IOO4O 8.39 V 1/10/198* 

1971 AXKLUEEjixT TO 

100.00 . 9.00 -•!/ 6/19B&. ■■ 

1979 AMiMHnt, awn rtw w 

99.00 9.50 1/ 6/1991 

1481 AMOCO (UK) EXnDtATIO* 
99.50. ' 13-25 157 1/1488 

1972 8.I.C.C.' ra \- , •' ’ 

99.50 - - Z.73 1/ 271987 * 

1971 MCLAH UK W - 

100.00 . 1.25 ‘ 1/12/1M6 . 

■ 1976 BABCUT* BAfXTMT. ’ V 

100.00 9.125.7,1/4/1985 

1976 lAKuar ianL xn 

J 00-00 . 9.125 15/ "4/1 987 

1977 BABGU1E D/S DtV 

100.00- 640 15/.0/H92. 

■ 197] BUCflkM air • • ■ ‘ 

10940 . -. 845 -. 1/ 2/1966 ; 

■ • 1977 BOBAIB cor -• ~ 

100.00 - 945 .13/ 5/1992. 


75 1/2 14.18 9-93 
18*34. 

- 16.4B 10.20 
29.01 

17.55 12.01 
22.16 r . 

8. SI 


76‘ 

.77 


8.96 


93“-' I1-1S 
. 16.81 
K 1/2 18.56 

17.12- . 

72 3/4 16.16 11.00 
. 20.66 

72 2/« 14-86 li-OD - 
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2« 

10-2 


50 

ioo 
109.0 
100 ' 

25 ' 
20.0 
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13.89 

78 1/2 24.51 20.19 
1 ' 16.62 ■ 

73 15.63 10.62 55 

18.49 J: .3 

n 2/a 13.44 10-61 ai» ' 
14.95 

78 1/2 15.59 10-n" 200 
30.20 


73 5/8 11.32 10.19 25 
18.41 

7*5/8 15.08 10.49 40 

17-75 . 

96 15.94 U.U tod 

81 13.85' 10.19 IM 

17.11 . , 


98 3/4 23.(1 8.10 


80 


13.79 10.00 

18.79 


84 7/8 19-62 

87-3/8 15.15 9.52 

6* "15.(0 13.18 

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77 16.44 Il_t2 

19.62 


35 
7.2 
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75 

•75.0 

’ '• 30 

18J0 

9*43. TOO 
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» 

39.0 
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36.0 
73 


100.00. 9.25 1/ 1/1986 

. 1972 " CBAHlIAJl Tfltili' CBSASBB 
■. 98-75. 8-60 1/7/1987 

1972' HAKBMS ~ - • 

100.50 7.73 1/10/1507 

1970 B6KK08 : ’ ' ■" ‘ 

100.00 9.50 15/1 2/1 MS 

1971 ' B3U9AMBL «*OT 

100.02 8.50 13/11/1*86 

1972 xa urns ■- 

100.00 ' 7.50 2/2/19K 

1977 JCS'arTO 
1QQ.00 I 8.13 1/ 1/1987 

1980 ‘nrirasKoauras ■ 

100.00. 11.00 1/6/1983 

1972 ALEQflJOSr BHBOT " 

100.00;. , 8.25 15/ .5/1187 

1975 I2C4L 6 CB9QUL ASSCE 

100.00 7.625 II 2/1988 
1*80 LIHBW BIT >1» 

. 100.00 12.00 lit 7/1998 ; 

1*75 HTT K&UXSS 4,-ndr - - 
100.25 - a.M 1/ 2/1991 

1*71 wt nuns * raw 
ioc.00 , : *.7» mvins 

1*76 5IBUW0 tsn, TOi^ 5WIC1 S3-' 1/2 15.9* ID. iV • HD 

99.00 8.75 ' 1/12/1986 17.08 jfi. 

1*77 Kmusoawn. ra scmcc 70 7/a it. 55 iz.35 

100.50 - 8.75 1/ 9/1992 16.28. . , 

1*72 SUI0BU. VmdMOUre ns 76-3/4 14-W» 10.37 
100.50 7.75 ismnw. - 17.78. 

1977 WmHUU.eO6I4.MAU- ' 76-5/8 16.TS i<M4" 

99.00 8.00 1/ 9/1987 . 25.91 - 

1973 ‘ BATUHU COAL B0AH> "' ’ •' 79- 1/6 13.73 10.88 

99.00 ■" 8.623 15/10/1988 . 16.73 

1*76 vavtso. MS9QW1SK 811 »'37S. 12.54 10.07 

300.00 9.00 J/ 7/1986 ... - 23-42 

1978 miQBAL 1BSHDBTM 8E «2 5/8 15.14 10S9 

100.00 9.00 15/ 6/1986 . 


1972 AMRJbA'St XKft» 

99- » 6-75 - V 7/1SA7 

1981 amvwWW iwiiwa . . x| 

100.00. |J. 25 .1/-40M- , 

’ i9«2» tosMtur jn«i'iw 
100.00 14.25 - 15/ 4/1997 ' 

1976 ' AKKRA* Webbs' coir" 

3P-08: 9. DO H/JJJS07 . 

1995* lar* snocwuavcua ioe 7/1 u.76 13.99 
190.% 14.23 15/ JA***: - 

' IMS AKMBlE.KSci *1' ' 13.» T.22 

.- W ‘% 5.7S 1/10/1 985 B. .j- _ 19.85 ;I 

1980 AKBianrMBCa'iftiTlS ' 0*3/8 14.76 13.49 
98.50_ 12.25 “.1/ 6/1990 _ 

i i*5i* AaaBmwosea o/i cat m? i/a JS.84 it-n 

M.» 16-50 1/11/1988 

1*82* AK TO 

39.50 ; Lb.DO 15/-2/1M9 
1MI» 475 'toASCE 
. 98-50 16.23 15/-7/U80 

W H* 413 FES' ' . ” * - 

loo-oo, ib.25 1/ inns 

1941* 4hS TO CO . ; ' }■ 
lOp.OO-, 17.25 13/10/1 986 

19*1* 4K1CD 0/S nS _ 

IDO. ». IS. STS I/12/198S 

1972 AS8L4BB' inir rar , ' 

M.2&. 4.00 1376/1 9*7 

- 1982* *TriMTTr i Tc u wi f in ■ ■ ff 91 7/4 15.32 14^9 
100.00 U.30 13/ 5/1390 


-SB 


ST 16*19 14.16 

99 7/S 26.27 16^7 

. S9 lit li.Zl 16.21 

iD2 5/8 l&Jti 16.41 

9C-1/B 16*58 15-99 

79 1ft 18.00 10. DO 
- 17.13 - , 


90 3/4 U.6D 18.88 
'80' 19.46 1U6 


7V 


18.83 13.05 


7*' 1/8 14.70 10.29 
12. 20 

79 1/2 17*80 15.09 

68" 1/4 14*72 11.72 
.17.80 

84> Uf 19.60 10.36 
16.32 


15 

1.0 

100 

so" . 


20 

2V0. 


30 

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30.5 


1982* UUBRe Ecnnna ' a 
1DO.OO; 13*50 13/ 5/1990-' 

1974 A3C0 -0/3 Gff 
lSJSj-*9iS IflflStS - 
1979 AKD 0/B Of ■ ■ 

100.00- -20.25 15/ 5/19*7 

1982* UK ar- umCA « 1 Si 
90.50 ■ -12,00-13/ 4/1887 
1978 UKHOCE r0005 6/3 ■ 

100.00 -J.73 1/ 5/1983 

1*70 UXCDCB Toons O/S 
100-00 9.00 IS/ 2/1905 

197* BSKCUL OK THMCM 
100.0ft . 9.75. 15/ 7/1947 

1*02" UIKNCUI. O /* «i - WB 95 S/8 15.82 15.16 
100.0ft ,14.50 1 5/ 3/1987- 

1KB* KterXCUI, OK ruf W H 1/8 17.30 15.91' 
100.00 1 4*59 15/3/U87 

: 3*72 us: aeusn'rai ■ 

99.00 . 7.79 19/10/1987 

1*83* Harms MI TO 
99*50. ■ 14*25 1/6/1949 

its: Bon-ucnuroK cur 
98.0ft 7.75 1/ 4 nSSt 

1982* VSOUDGU OR "T9 • 

100.65 15.73 . 05/ 8/1988 

1682* cdmnx soot o/s m 

100.08 14.M 11/ 4/1989 

.- 1982* CASOUW. Mkin « U0R£ 

99.00 16.50 13/ 2/1989 

1972 KSaOEK IK T " 

99.00 -0.00 13/ 6/1987 


89-1/4 15. Iff 15.(3 

96-1/4 15.50 .8*22 

S3' • 11.20 9-47 

11.81 

7V5/3 16.27 12.40 


79 . 17-33 -Ml 

17.94- , 

92- 1/2 16.11 15.4L 

71' 14.63 9.9* 

37.87. .. 

99-1/2 15-82 13. rj 

98’ 7/8 14.23 14. IS 

1 Off 2/2 16.30 16*42 


15 

-. 9*0 
20 
14.1 
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iw 1 

2» 

149.0 

20 

10.0 

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60ft " 

» 

50 : 
18.0 
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5.0 
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50 
150 
230 
130 
250 
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25 

16*6; 

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30 

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16*63 . 



100. 

1981- 

RAX1QKAL TOHIBTn 1211 

91 1/4 15*26 15.27 

50 

• 1979 ClBTHRr mter 0/5 PTC 

79 ift 17.3* 1Z.3D 





14.73. 





100.00. 9.75 ' 1/ 7/1986 



857/8 15.30 10.14- 


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FIZSSRT 


81 

15.23 10.49 

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1981* C6TERPIUAX PIS 5 EOT ' 
100.00- 16-50 1/11/1986 

1003ft 16.15 15.38 

65- 




*.50 



1B.74, 

73 14.10 12.53 

30- • 

1*73 

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75 

14.78 70:67 



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I2S-' 

13.99 


99. W 

8.00 

If 3/UBS - 


17.89 „ 

5.0 

97.00. 7-00 15/ 2/1984 

36.95- ■ , 

021/2 11**8 lffl.AI 

40" 

1977 

mat MEHSE4E TO 

6* 1/2 15.30 13.14 



a* 5/0 15^3 12.82 

200- 



100.00 

9.00 

15/ 8/1992 


76.84 ' . 


200-00- 10.00 It 7/1988 

88 1/4 12.86 18.20 

=5 

1971 

RARE btCAKBATIW - 

as 

73-50 10. 29 

200 


» ' 15.12 13*48 

ioo 

16.03 


iM.ro 

8.75 ' 

1/11/19B6 


16*46 

99.30 12.00 15/10/19(7 



66 1/2 17*68 14.75 
20*42 

91 .13-73 14*56 


25 
23.0 
15 
23.0 

79 1/2 14.08 9.73 .40 
17.9* 

89'l/4 12.79 
15.77 

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16.79 

lb.n'l i!.70 
17. 49 

13-9*. 11.97 


9.68 


7ft 


Ji 

.83-1/8 16.57 9.92 
... 16.87 

70 ‘ 15.12 23.21 
16.67 


40. D 
JS 
12.0 
»' 

50.0 
20 

-13.6 

11 

6.8 

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9.0 
18- ' 
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1919 MOUSD TO 
99.30 9.30 13/ 3/1991 

1979 WOUND TO 
99.50^ 9.30 15/ 3/1991 

1*77 TOD MIEnATXOiiU. - 
100.00 9.00-15/3/1987 

196* UO TWTO-SDC. 

99. 50 6.75 1/ S/LM4 

1477 snzcriov tJtOST 

99. 50 8.73 , 1/ 8/1919 
1973 BU»a E5MXES 

99.50 9.00 1/ 271988 

1971 ILDim ESTATES 

99. 50 -8.79 15/ 2/198& 

1972 TOUT 4 COT UTOUUW 

100.00 8.00 15/ 1/1988 

1970 TlllKT HOUSES nUJOP 

100.00. 7.75 IS/ 4/1985 


WB 75 1/4 16.69 12*62 UO 
■13.77 

I V 65 17.61 14.62 foo 

19.27 

77 1/4 16.06 11-65 175 
18.24 

SI Sftl/8'13.11 .7**0 jzj 
15.54 

73 ' 15.21 11.99 150 

16.38. 

75 1/2.14.69 10.60 iso- 
18-55*. . . , 

85 14. 20' 10.3 "30 

17.17 

79 l/i 13.45 10.06 30 

17.17 

86- 14.12' 9.01 30 

17.44 


1981* e mu s* o/8 to . 

99.0ft ' 15.00 . 1/ 8/1986 

i<te* err icon d/k n> U4(2> 100 
100-00 13.00 ' 15/ 4/1992. 

1911 CTTICOW o/s TO 
100-00. 15.90 * 13/ 6/1984 

1982* cmiXBf Oft TO USU) IW m 15.4I I5U6 100 
100.00; 15.50 I/-1/1M7 - - 

(«8l*'crnaOIP oft TO 

100-00 16.75 15/10/1986 

1981* crrms TOtiai o/s'to 
100*00... 17.00 15/ ft/1988 

1977 CZtT OT B TH C TO' - 
100-00 8.75 1/ 3/1904 

i**2* CWWinAL-OWStTT TOiBI 98 1/2 15-38 14.97 300 
100.00- 14.7S 15/ 5A9S3 ■ !r - 

. 1982* OtEOEUTUL CH0JTT TO SI 93' 3/6 17.64 15-71 
100.0ft 14.75 15/ 5/1985 .. -. 


VTlfr 15.14 15.0s . IOO 1 " 


14.97 15.00 100 
- 101 5ft 14.46 15.25 100 . 


10T7/8 15.69 16-28 12S 
181" 1/4 16.08 16.66 zoo 
86- -4 18.34 10.27 150 


75 


UQ I5^51fi.3fi 
» 3ft 17*35' IMS 


78 1/2 16.35 10.U 
17.10 

78 1ft 14.6* 20J9 
17.72. 


79 1ft 14.61 14J» 

76 ift 13.84 12.64 
• 24.54 

86 13.26 9.10 

IS. 71 . 

M 3ft 16.80 16.56 


75 

50 

30 

50' 

» 

35 

17^' 

60 

60 


94 


14.75 14.63 


•» 24*94 14.80 

87 3/4 16*37 15*10 

86 1/1 12*76 . 9*25 
14*92 . 

80 1/2 13.16 5.38 
14.27; 

90 1ft 12.75 9.94' 
14.40 . 

K 17-14 9.30 
. 22.87 


f 94 3/4 16.11 13.98 
.96 3ft 17.15 15.12 
"100178 15.70 13.95 
IDO 1/4 15.89 13.96 


Mafoo ^uOn 131 9J198& 

J 5SS”55."*5!Sgn 

1972 CBaaMtfim xm f® 

99*00 • 6*00 . 35/ 6/1987 

w!|o ^^aSS 1/ 3/1987 
1911* -am BZSKT TBOBOCn IKS 102lft 14.96 15.42 
99-50. 15.7S 1/ 5/1566 

»K MS aaUTAL 0/S CAT' 

, 100.00 . 8.00 15/12/1566 . 

i'*7j» 'DM aencAL oft cat 
91.0a 9*625 1/ 3/1*94 . 

1971* Wft OTO* Oft CAP 

9*-00 1-50 15/ 6/LM6 

inz*K&£ KWK'0/3 to' 

100.00 15.30 13/ 4/1989 

l*82*MT »in! Oft CAP »8«C) 
lOO.p^ 18.73 13/ 3/1997 

1981* DO TOUT Oft CATtttt - 
100.cn. !*.» 1/12/1988 

3981 Eiwr.raADtt . ' 

100*00. 13(25 15/1/1569 

1971 ESSO Oft TO 

97.00 ■ - 8.00 . 15/ 5/1566 

1971 JSSO 0/3 TXt 

100. « 8. DO . 15/11/1986 

1970' 8880 Oft 7» , 

100*00 9.110 ' 15/ 9/I9B5 

1973 nuTROtamU M 

180.00 7.625. 13/11/1984 

1982* zunr TO ■ Vt 107 3 ft 9.40 U J4 

99*78: 13.25 30/ 5/1984 ■ ; 

1992* nan to - 
IMS. 13.85 ' 30/ 9/1984 

I960 TOD CWDH Oft TO 
99.30 14.623 .1/12/1983 

1981 no anar a/s to 

100.00 16.00 13/ 2/1984 

]9tl TOKO CUDn 0/8 TO - 

100.00 16.00 11 1/1985 

JSSO fan OVEHUAS TOABCE W 91 Ift 16.65 13.14 
U0.OO 12.625 14/ 5/1983 

1*74 nzouir MTEnSlTIOKU. 

89.50.. .9.00, 19/ 3/1981 

1972 ant Mmiaa mnemr 

ZOO.JOl ,8.25 1/ 4/1987 

1972 CEMEM1.-CAUS Oft 

98.00 8.25 15/ S/1987 

1943 'oasuL-nscns; o/s 

100.00 . 4.23 1/12/1985 

1971 ' CEKXAL MU TO 
J0.75 .8.00 ]/ 3/19*8 

1*79 C8K TDIOtS ACCEPTAKCE 
100. DO 9.23 1/ 7/1984. 

1971 CMXAL'WtlRS O/S TO 
98-50 ' 8.75 15/ 8/1986 

14 SO cnKML'MOIWS Oft"TO 
99.75. 11.00 1/4/1966 

1900 CStEBAl/SmSS Oft TO 
59U0 11.75 13/10/1987 

1982* scncu-fAcrnc to 

100.00 14.423 .15/ 4/1907 

1982* cficecu-fXtinc rsr 
100.00 14.623 1 5/ 4/1987- 

1982* um r OIL nr 
100.00 14.00 1/ 5/1580 

1979 GKAC Oft TO 

100.00 11.00 15/12/1984 

19 DO- «AC Oft TO 
99.76-, 12.00 1/10/1987 

1981 BUG Oft TZI 
100.00 12U75 - It 2/1988 

1980 OUC Oft TU 

100.00 13.375 15/ </1985 - 

1981 QUC Oft TIB ' 

100.00 14.75 1/7/1987 - 

. 1982* OOC O/S TO • 

100.00 13.00 15/5/1987 

1982* QUC Oft TO 
99,63. 15.00 17/ 5/1989 

1982* QUC O/S PIS 185/8/91/4 99' 1/8 15.37 15*38 100 
99.S0. 15.23 1/ 4/1997 ...... 

1*32* BHAC 0ft TTK 

100.00, 16.00 IS/ 2/1988 

i*8i* sac oft ra •. 

*9,75, 16.50 1/11/1984 

1980 GOOmEAR Oft TO 

180.00 12.50 1/ 6/1987 


S3 

78 


78 


30.30 9.68 


34.85 20.38 
47.96. 


74 3/4 14.22 5.77 
13.59 • 

« 1/2 12.80 9.25 
. 15.53 

81 778 15.68 11.30 

82 5/8 14.63 10.59 
■ 16.16 

89 14.99 12.36 

86 1ft 15.75 U.64 
m'uai/S 14.23 14.41 


a » 


96 


16.47 15.56 
14-9* 14.38 


91'1/S 15.51 12.07 


87 


15.77 13.79 


89-1/4 15.35 16.43 
95 7ft 15.21 13.95 
« 3fi 15.74 13.25 
977/8 15.62 15.33 
96' 1/4 15.91 15.58 


99 7/ri5.9t 16.02 100 
101=1 A 15U7 16.317 SO 


86'1/S 16.72 14.45 73 


as DOUUS-09HEB ST41B (COniWED) 


IS 

- 6.0 
50 

SO 

15 

0.7 

25 

100 

900 

100 

60 

U 

.2 

35- 

35 

75 

75 

SO 

: 30.0 

15 

8.7 

H5 


30 

1.8 

25 

11.5 

35 

■ 28.0 
30 

. 37.0 
50 ’ 

25 

30 ‘ 

40 

75 

40 

100 

‘so 

9.6 


1982* GXK TO S85C3) 

100.00 15.00 1/6/1997 

vm as ra 

200.00 15-675 12/ 6/1986 

3981* GTE TO KS 

99.90 16.25 15/ 9/19U 

2981* Oft TO 3E 

99.30 16.25 15/ 9/1985 

1977 GW 4 V S 5 T M0 Ttf 

100.00 6.15 15/ 2/1984 

1979 ojif s lasrjsw ansKon 

99.30 9.75 1/8/1984 

X9B”*raf OIL in MSftftl 
99.75 [4.25 ]/ 4/1994. 

1952* GULP STUB Oft. TO 
99.50 • 16.00 19/ 4/1990 

1981* GOLF SWttS O/S PK 
100.00 17.50 1/10A9IS 

1971 baas aft car 

98.00 8.75 It 6/1986 

IW* ICA nUKC 

99.50 15.50 15/12/1988 

1982* EESZE CiZTOL CMP TOOT 

100.00 15.75 15/4/1989 

1972 onion n* 

97.50 . 7.75 1/11/1987 

1978 USPHAL Oft CAP 

100.00 9^50 15/ 9/1983 

-. ion* mosEULo pa m 
100.00 13-00 1/11/1988 

■ 1981 JBS WOELD 1tA» 

100.00 - 12.50 1/ 2/1988 

1981 IBS BBBLD T*™ - 

,1/10.00 14.75 IS/ 6/1934 

1981* TO «*U THUS • 

100.00 14.73 30/ 7/1885 - 

2970 Z.C.C. TSt 
100.00 9. SO - 1/ 6/1988 S 

1917 ic' namsmns to cost 
100.00 8.75 15/ 8/1987 . 

i*78 ic naxsTuss to coup 
100-00 9.BO 15/ 4/1985 . 

1*82* IC TOBSTlXEa TO m 

92.30 U-QO 13/ 5/1989 

- 1*83* HMHMSMIES TO 3S7 

92.50 14.00 15/ 0/1989 

1990 XSexSOUHtAU IW PIS 

100.00 13-25 - 10no/1995 

1*66 va BABES7E* O/S 
100.00 5.00 1/ 4/1986 S 

1980 EtT BUnE5OT oft 

94.0a 12.70 1/ 0/1903 

1966 tar STAKMKD CUXTRIC 

97.30 6.00 1/ 3/1906 3 

1967. mt ST4BUKD CLCCTUC 
99.00 6.00 15/ 3/1987 

1971 ai snidUZD ElECTMC 

100.00 . 8.25 1/2/1984 

1970 ISt STUCOAED EIXCTWC 

100.00 '9-00 1/ 4/1985 

1971 nr snawn Eoumc 

100.00 9.00 1/10/1916 

1977 I.D. OtCt&EAS TO 
100.00 8-75 1/ 7/1987 

1976 rar mums oft 

100.00 9.08 15/12/1983 

1982* itt cruison naet ns) 
99.20 14.50 1/ 6/1989 

I«78 mX TDUSCE 
100.00 9.75 If 4/1988 

- 1970 UK FDSA5SS UT 

100.00 9.75 1/10/1990 

1979 iiel nsua urr 

99.00 10.50 1/ 5/1993 

i«79 nr ABrnies * 

1OO-O0 9.50 1/ 5/1989 

1*92" WBA5 CAS 6 TLEC IW 

99.50 15.75 1/ 5/1984 

1979 XSOECOTT CrreSMITMAL 

99.00 9.50 15/ 6/1986 

1971 mKELr-OAIK EfT. TO. 

100.90 6.00 IS/ 4/1986 

1982* HAS HUDVn o/s CAP WW 
100.00' 13.625 1 5/ S/1987 

1982* Hfll HASOVEE 0/8 CAP HI 

180.00 13-625 15/ 5/1987 

1982* HOOUEU. DODCUB TO 

180.00 17.00 15/ 2A989 

1980 H0SUW4D15aS ZOT TO OT. 

99.75 13.50 1/ 5/1985 


21.65 15.65 
25.21 

18.49 12.50 


96 1/4 15.65 15J8 

IDO 13.61 15.63 
1 01 3/4 15U4 13.97 
101 13.15 16.09 

» 17.22 9.31 

88. 17.02 11.08 

97 5/8 1C. 63 14.10 
96 2/4 16.85 16.62 

101 1/4 17,09 17.28 

85 13,96 10.29 

25.98 

971/4 16.14 13 . 94 

B 5/8 17.37 16.62 

78 1/2 13.(5 5.87 
r7^L» 

92 1/t 16.21 9.73 
99 9/4 16.58 16.00 
57 1/4 13.18 12.85 

101 7/B 13.57 14.48 
101 1/2 14.09 14^3 
63 
70 

80 18.78 U.U 

87 1703 16.09 

83 5/8 18.35 16.74 

88 10.79 15.(1 

16.09 

22 66.55 24.82 

70.04 

32 73.11 J9.84 

82 1/8 12.59 7.44 
11.16 

82 5ft 10.75 7.26 

14.15 

03 7ft 14-25 9.84 

17.16 

87 15.06 10-34 

16.98 

84 5/4 13.96 10.62 

16.44 

70 7ft 18-06 12.35 
18.67 

90 3ft 16.84 9.96 

17.10 

96 5ft 13.81 15.32 
44 1/4 32.04' 22-03 
46 1/4 22.50 22.03 
Ai 1/6 26.46 23.73 
78 1/8 14.78 12.16 

93 17.56 16.94 

81 3/4 "16.07 11.62 

83 1/2 14.41 10.18 

17.02 

97 !(.» 14.05' 

93 1/4 15.67 14.81 

100 5ft 16.76 16.B9 


91 


17.74 14.84 


B5 f .K-CSITED Sl*ns (COWWsL) 

91 5ft 15.87 15.81 
96 1/2 16.52 «J7 
IDS 16.21 16J0 
29 


so- iw sunui oft TO 

19.30 15-75 10/ 7/1986 

30 1982* HE9KMT Oft TO IP" 

100.00 15.373 1/ 6/1992 

30 1*91* SIMS4U X0B4HK TO 

98.50 17.80 1S/-9/UW 

23 1972 BUI A9E8. XOCSBU Oft 

16.0 99-50 8.15 1/ 5/1 *7 

id i*Bi« Bants issiASA rsr 

100.00 17.25 1S/2D/1W8 

40 i*82* ramnsT nmiu gas 

100.00 15.375 15/ 5/1942 

50 I960 SDBTWEST IW TO OT 

IDO. OO 13.625 1/5/1967 

20 • 1969 0CC1IC9TAL 0/5 CAP 

5.3 *8.00 1.50 1/ 3/1984 

50 1978 OCCtniCUL IW F1H 

94.00 8.50 13/ 1/1983 

40 1*77 OCCUCSTAL Oft TIB 

100.0(1 9.75 1/2/1987 

75 19ft OCCUEJTAL UT Ptt 

99.00 8-175 1/ 6/1985 

30 1976 OCGUtMAI. Oft PR 

100.00 9-7S 1/ 7/1983 

30 197* QCCmtKTAL 1ITT TO 

99.25 1D.U 1/ 6/1984 

73 

75 1982* mao rasa ns 

100.00 Z7.25 1/ 7/1907 

'75 1981* OKU SPECS PIS 

99.75 . 17.50 15/10/1988 

20 1971 aOES-CMSIW TOKBCUS 

21.0 100.00 9.00 1/ S/1 93b 

45 1962* TACIT ZC CAS A CLEC TO 

100.00 15.50 1/ 4/1989 

80 1981* PACIFIC GAS t ES£C TO 

100.00 15.75 15/ 1/1989 

75 1981* TACTP1C CAS 6 ELECT TO 

99.00 16.00 It 8/1988 

1973 TAC1P1C uemn: oft ns 


16.58 1048 
17.*7 
102 Hi 16.51 16.0 

91 16.40 li.lt 

90 3ft 16-85 U-tt 

17 16.W . 8 .62 

20.66 

]S 35-61 9.24 
73 16.97 11.67 

80 28.29 ll.»7 

92 3/4 18-30 1C.SL 
87 1ft 18.80 11.76 

98 3ft 17.11 16.U 

101 16.96 27.08 

101 16.88 17.16 

84 Ift 14.24 10.65 

27.68 

99 7/8 18.48 15.32 
101 1/8 15.39 1M7 
101 1/S 15.58 15.16 


15.0 

98. 50 8. DO U/ 4/1988 


lb* JJ 

45 

1981 PACIFIC LIGBTIUC UR FIB 
1N.00 15.75 1/ 7/1989 

99 1, 

ft 13.97 15-19 

100 

1980 JGCBMIS CAPITAL N IK 
100.00 9-6SS 15/ 7/1987 

80 3ft 15.34 ll.fl 

IN 

1978 J.c. reaver o/s ns 

99.50 8. JO 1/ 8/1983 

S3 3/8 17.34 9.10 

100 

1*80 J.C. TCMET Iff CAT 
100.00 17.375 1/ 5/1986 

90 Ii 

‘2 15.87 13*67 

75 

I9W j.c, naan o/s cat - 
100-00 17.50 It 3/1985 

96 1ft 15.16 14.03 

15 

5.9 

147= PEBSWALT 0/5 FIN 

97.50 8.00 1/ 5/1987 

80 

13.9. 10.03 
lb-73 

25 

1979 PKHKUALT O/S FIS 

99. N 9.75 1/ 6/1984 

89 3/8 16.63 10.92 

75 

7982* PEHHZOO. O/S FCC 

99.50 15.25 1/ 4/1990 

93 

16.88 ISmO 

IOO 

1479 ms ICO CAT 

700.00 . 9.25 It 3/1984 

92 

24.91 10.05 

20 

i9n rrao-uvB (our-om/RU 

100-00 9.00 1/ 5/1986 

97 

ffl.'» sum 

,1 s 

ivn philip hquis nr cap 

86 3/8 13.16 9.84 


98.50 8.30 1/ 6/1986 

200 1982* PHILLIPS JSTXOffiUH UEC 

]D0. OO 14.00 1/ 5/1989 

SO 1*79 TOniANO OKMU CUC 

99.00 10.00 // '3/1984 

SO 1480 lomuo CETOAL EtCC ST 
100.00 14.75 1/ 5/19*7 

25 1*67 noCTOR L CAMB1E MT 

2.5 99.00 6.50 15/ 9/1982 

30 mi* ran m mVv t bv 

91.58 17.00 15/ 8/1986 

25 1972 SAISTOM IUB3MA O/S TO 

11.3 98.00 7.50 15/ 2/1987 

25 1981* BOA Oft TM OT 6 W 

JDO.OO 15.50 15/ 1/1987 

52- 1981 UPISDCT - GOLD LOT 

51. J. 100.00 3.25 1/ 2/1 99b 

14 I97« sbliasce taiasconiscKt 

13.5 100.00 6.25 15/ 2/1988 

4 1978 HUAKE nA&COsnWESE 

2.5 100.00 7.23 15/ 2/19B5 

100 1*90 BETS TEEL Oft TO 

97.75 11.50 1/ 7/1988 

60 1982* 1BYBOUS METALS EURO TO 

99.50 16.50 30/ 3/1987 

160 7977 8.J.BETS0US OVUSEAS 

32.0 100.00 7.50 18/11/19S2 


14.97 
94 1/Z 15.31 14.81 

>8 18*89 11.36 

91 5ft 17.40 16.10 

97 7ft 17.28 6.64 

97 i/s 17.95 i;a* 

79 11.92 9.49 

17.25 

98 1/4 13.95 15.78 


1.05 


*2 27.72 20^5 

18.79 

81 16.71 8.93 

19.20 

75 1/8 18.75 13.31 


98 3ft 16.87 16.73 
96 1/6 19.05 7-79 


30 

- 1976 
100.00 

IMATVR DORP ' 

9*73, • 15/ 7/1988 

tt 3/4 16.24 11.93 

30 

28.8 

1977 

99.50 

of hkd BTsams ono 

9-00 15/ 5/1189 

72 

j 

IS.98 V 12.S(I 

16.71 

» 

34-0 

i»n " cOTjeo -Banraucc 

99-2 S. 8.00 -15/ 2/1986 

83 3/8 14.02 9-57 
16-89 .. . 

25 

-18,1 

1975 

99.75,. 

GOULD- Iff 

9.75 . 11/ 6/1983 

92 ' 19.66 10.60 

150 

1992* won. CXFL*X A PROD PU 
100.00 13-875 26/ 5/1984 

96 5/8 16-01 14.36 

20. 

6.5 

1970 

99.75 

1ICRUDS0IMIER8H <- 

8.75 13/12/1915 

17 

13.b6 10.06 
16.7= 

16 

- 9.6 

1972 

99.00 

MXmWSARD 

8.00 ' 2/11/7987 

76-1/2 14.41 10.46 
79.52 

SO 

50-0" 

.1980 

300.00 

in routes BV 

11.00 23/ 7/1990 

75 Ift,16.Bl 14.62 
J7.J2 

90 

.40.0 

1973" anBouMxa foodb ' 
99.50 7*50 85/ 1/1991 

70' 1/2 13-50 10-64 
15.41. 

SO 

J5.0 

1979 ' 
100.00. 

HOLD -urr TO 

9.75 1/ 3/190 5 - 

trS/8 15-70 11*13 
17.57 

250 

1981* ran. dii a pin ra 

• 100.00 14.00 26/ 5/19 85 

» 3/4 15.90 14.62 

30 

22.2 

1976 

100.50 

GARZA ra nz TO 

9.50 13/ 7/2988 

80 

16.68 1U58 
17.09 

50 

1980 

M.SO 

VBxnsirQaau Fit ' 

. 10.75 _1 SJ 7/1990 

' 74 16.88 14-53 

25 

19.0 

1973 

98.50 

IBITBD DCKCnOt TRUST 
8.75 1/12/1988 

76 

' 14.75 11U1 
17.18- 

100- 

1979 OTmEsiAt awsp o/s 
100.ro. 9.6Z5 1/7A986 

82 1/2 15.96 11-67 

75 

1982* V B GRADE OT 

99.50. 14.75 1/ 6/1989 

IT If! 16.63 15.95 

IOO 

i9«2* ran. txn/v a prod ra 

jao.M 13*875 26/ 5/1986 

95 1/8 15.60 14.59 

20 

9.9 

1971 

98.50 

scan lun aft 

8.75 1/ 7/1986 

84 m 14.07 1006 
17.70 


65 . - 1977 ltmsi lairaoiusis ' " - 

65.0 100.00 9.00 . 1/11/1992 

30 1*74 - BUfnSH SOTO. COBP " * 

40.0 . . 99.<H . 8.62,5 ■ 15/ 1/1989 . 

30 1972 CA&UnfficvOTTU Oft" 

£6.0 100.00 7.75- 15/10/1990. 

25- 1973 CAPRAL-i CODBTttS ' 790F 

■ 8^7 . 98.50-. 9.00 -1/11/1988 
50 1977 CAKBB4K J*TL »V„ 

44.0 . M.SO 9.50- 15/11/1987 

so ion a*o«cui moon, 

11.7 .100.00 8.30; • 15/12/1986 

30 1 ' 1970 COM T A B llH OK TO “' " 

8.5 M.00 9.25 1/10/1985 


66 ' 16.43 14.06 

17.31 . 

79 Ift 13.51 10-85 
-. 16.14- 

(6 1 f£ 14-22 U.XS 

; ‘ . n-U- 
78 ' 14. SO '11.54' 
• 18-31 

72 3« 17-75 13.13 
. -. 22.32 ■ . 

80-lft 1J.B2 10.59 
18.39 

■87 3 A‘ 16.16 10.5* 
16.27 


20 

, 10.0 

25 

.14.5 


ISO 

20 

7*8 

■it 
4-7 
25 " 


1972 WCLU3M TOWDATTQR 

99.00 8.25 1/ 6/1987 

1972 vtlumb 4 am UK 

100.50 8.25 U 4/1987 • 

' to Dom B-intmtP tM Es 

19** iim. ixn uotp 

100*00 1 5.00 ..IS/ 40997 

1971 AXAZ 1ST CAP CTO 4.1 

98.00 8.19, if 40986 

1971 mxxmour, 

97.00 8.73 ,1/ 4/1986 

1082* AHA* 1ST TO ■ 

100.00 14.25 It 4A99Z 


34 

73 


14-85 18.38 iso 
18.67, . , 

15.21 10.71 100 " 
17,13 , .. 
100' 


100 3ft.14.B4 14.8* ibo 


13-34 10-Off " 
14.89. . ,4U 

‘ TJ.J4 10.06 


1980 COKTOTOAK mnOIS Oft >3 3/4 15-50 11.64 

, 100.00. 9.73 4/ 7/1986 

1981* COHTZTOBni. IUTBOm =W 97 7ft 15.88 13-07 
99-75. I4-7S -7/ 9/1984 . 

1981 *'cOKT URIEL TLUBD1S TOI 98 1ft 15.66 15.0 L 

. 99-73 14*75. JJ 9/1984 . . 0 

1982* Q8BXIBKBZ4L HCtSBIS Oft IN T/4 15.52 13.71 
1MJ» 15.75. l/J/1989 

" 1970 casruxmi. on, me so. - 13.79 10.M 
-38JW1. 9.50 1/7/1115., . 75.89. 


14.89.. 


20 


1*71 ottatsesaL raamo 


«' Ift *16-82 16.73" 10 

8.0 


941 . 100.00 8.25- -L5/-Z/1986 - 


« lft IJ.94 9-76 
. • 16-92 


1971 CODmD-OT / 

100.00 8.50 13/ 3/1986 


87 


13.U 

13.94 


9.77 


25 1971 aoLmxa 

. 7.5 97.00. 8.75 13/12A986 

is H7i cm mr 

, s.l 99.80 8.23 15/11/1986 

50 1979 GIB TO 

• 99-25 . 9. JO *1/3/1984 

55 1*79 BE TO 

SM 1DO.OO. 9.75 1/ 7/1989 

50 - 1981 GTE rill ' 

HJ0-00; 15-75 15/ 1/1986 

so 1981 CTZ m : 

100.M. 13*15 15/ 1/1986 

30 1*80 cism • 

100.ro 13.75 11 5/1987 


70 3/8 19.15 12.43 

35 

25-07 . 

18.0 

SS 1/2 l=-74 9.65 

20 

15.59 

■4 

90' 1ft 16.63 10-54 

30 

78 1ft 14-97 UM 

20- 

16.48 

2.0 

95 Hi 15.50 16.44 

30 


30.0 

94'5/t 15-75 14.53 

50 

95.5/S 15.05 14*38 

50 


1968 TOIL on. EfT FEI 
98.50- 7.00 15/ 8/1986 S 

1*70 M08SAICTO MT 
98.50 8*73 15/5/1985 

1981* MDHTiSA TOVEB MT FIB 
100.M 15-375 15/12/1987 

1*67 XAB1SCO HR TO 
98.50 6-30 1/10/1982 

1*77 H43M4S 1ST CHIP, 

. 99.50 8.00 1/10/1984 

1*32* SHOTAS Oft PET W 
100.00 15.00 22/ 4/1985 . 

1*82* SHOTAS Oft PH . J8 
100.00 . 15.ro 22/ 4/1985 


80 3ft 13.7B 8-90 100 19K* SKAIS Oft FIB VO 

16.61 100.00 13.875 15/5/1988 

SO 1/2 12.89 9.67 100 19B2* BUIS Oft TO, XI 

14.15 iro.00 13.875 15/ 5/1986 

99 1ft 15.51 15.49 30 1981 BOOTS CAUTOUTU EDEOO 

98.50 14.00 1/ 4/1987 

97 1ft 18.71 6.6, 50 IW S^CAUTOTO OROB 

- 3/4 as? s - M 75 1^ s T5.sr^/?sr 

99 in 13.W 15.00 75 IW* SOOTB CALIWBSIA WDSOK 

100.00 16.75 15/11/1980 

93 17.JI 15.79 60 1982* SOUTH CA10LXSA tLLCMAS 

99.50 15.50 15/ 4/19B9 


94 1ft 13.U 14.74 

93 15.76 1 4.92 

94 3/4 1 5.59 14.78 

97 13.55 15.21 

98 1/2 13.33 15*21 
m 1ft 15.9016.30 

95 3/8 16.64 16.25 


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1973 OTA9UHI OIL OF lBOlAllA 
*7.« - 38.50 13/ 1/1988 • 

i«7t sons tub* to an 
M.SO 8.73 -1/6/1987 • 

1976 ' SmUTBABD TO . XOT 

. 99.« 9.75, • 

IMS* sarawot aft TO' 

100.00 - I4.80- 4/4/1*69- • 

' 1*7? STUM Oft CAP ' ' 

. 98.00 " 8-00 . 1/ 3/1987 

- 1968 meow* mr , »i 

100.00 1/WA9B 

1972 T«WC0''TMT '" , 

•98.00 " 7.75 1/11/1987 • : 

1977 TEWBOO IHTL , 

-98.50' I.TS- 15/ 3/1M7 -■ 

19BI* TOBKO mi ' 

99.50 17.00 1/10/I989* 

1912* TEXAS EaSOTH TO " 

I00.« 15.73 .1/4/19*9 

1981* TEXAS EASTOB FIB 

100.00 15U75 15/12/19 88 

19T2 TEXnsOT WT 

100.23 7-73 1/10/19*7 

1980 -miUSH TXAI* TJBA^ 

99.00 15.25 •" 1/II/1992 

1*81* nAB9A«WCA TO W 

72.00 7.00 3/ 9/1986 

1981* TBMBAHEUCA TO OM 
72(00 1 -7.00 3F 9/3 986 
1910 TEAKSKttJlCA TO CMP 
M.75 12.373 15/10/1982 

• 1982* TEA* CO t« ST 
100.00 1A-25 15/ 4/1987 

1983* TEABSCIO -UiT OT W 

100.00 13.15 IV 4/1987 

1971 -mAaOCEAB CTLF OIL 
1M.00 7.50 1/ 1/1987 

1919 T1ABS0CEAB OJLT OIL " 
ro.DO a- 00 - 1/12/1984 

1971 OUBSOMU GOLF 91L 
• 97.50 a. 00 17 3/1986- 

1970 TBAIBpCtAS CBLP OIL 

100.00 -9.00 15/10/1983 

mi nnM co oft to 

■100.00 14.00 • 1/ 3/1984 

1948 TM 0/3 CAP ' 

- 99.00 7-15 lftl/1983 -. 

1971 1W'0« TO ' 

99.00 8.73 13/10/1986 

1*80 OEB 09OTHAS FIB 

■ 98- 79 1J.30 - 13/10/198* 

1982* 8BKW Citaa* Oft PR 

300.00. - 14.75 1/ 5/1989 

1912 WO* OTX THJ ^ 

100.00 7.50 U 2/H87 

>*» JJ.1EA5IBD HU TO ' 

9dm 10.00 1/ 6/1984 

1972 UBUI DJT TTN 

100.50 >•« 15/7/M87 

1977 HAH** 0«* O'SEJS TO 
100,00 ' 8.50, 1/ 7/1985 

JJ4J. . f.N It 7/1984 

1921* WU5- FAhOO UT TO • W 
JW5 lt«l 10/9/1983 

ion* Hsus non .BT pw sa M 174 15 *^ 

S9.2S 15.M 10/ WI98S 

■ IMP* mu FOOD MP TO,- 

200.80 ' • 15-00 13/ 3/1907 

1981 kui taboo ibt Far 
■sllso I5.ro 13/6/138* - 

B THHIiAyi-wnTIEATioau. 


80 1/4 13.0* 
14.4, 

80 3ft 13.11 
14.90 

74 " 16.94 

93 38.59 

93 3/9 15.6] 

78 "14.8! 
-• 18.90 

07 1ft 18.87 

• -27.7a 

76 3/4 14.23 

16.53 

77 5ft '14-44 
102 3/8 16.2b 
'in 7/8 15.51 

" 100 1/8 15.77 

77 14-23 

17.5? 

87 IK 15.73 

• Ib.ll 
73 1ft 14.33 

72 ' 1 ft ’16.7B 

- 97 I/O 14.8* 

W- 100 ; 15-20 

95 1/416.71 

79 1/4 17.38 

13.25 

89 I/z'l3-2* 
14.93 

84 1/2 13-M 
• --.16.23 

88 1/2 13-51 
-.33.41 

94 '16-51 

90 1/7-15. W 

• 19-30 

n . n.w 

17.58 

27.26 
17-72. 

96 3/S- 13-61 


JO 


78 1/2 J4.U 
. 17.74 


86 


19-37 


7, 1/2 34.23 
■ ,17. M 
80 1/2 13.37 

.90 5/fi 14-74 

98 1/: 15.56 


98 15.56 

Ml 1/8 14. 77 


10.44 

10.54 

n.F2 
10.26 
14.99 
10.26 
7.46 
10,10 
;9i98 
16.61 
IS. El 
15.84 
10.06 
15.14 
9J7 
9.71 
22.74 
15.25 
164)1 
?M 

8- 9* 
SAT 

10.17 
14.89 
8.01 
10.34 
13.70 
13.20 
9.SS 
11. U 
19.06 
10.56 

9- 93 
13.23 
13.27 
15.31 
1S.33 


40 • 

19B1*Z«AJW' 

30/U/1ML 


92 

16.25 15.7S 

29 • 

40. 0 

100.00 14.50 






20 




92 7/8 17.78 

8.DB 

75 

- J 00-00 - 7 JO 

15/ 4/1983 





51.7 

SO 

1977 tntWMA 



91 5/8 13.80 

8.19 

50 

50.0 

99-50 7.50 

15/ 1/1984 


. 

16.88 


37.0 





74 1ft 14.51 10.12 

75 

- 12.0 

*9.50 - 7. SO 

15/ 2/1988 



19.23 


57.0 

30 

1976 SDROPHA 

15/ 2/1983 


95 1/8 17.09 

8.96 

25 

=1.0 

99.25 8.50 










■80 

77.64 10.63 

M ' 

19-4 

99.50 8*50 ■ 

- 1/ 7/1985 



. 18.47 







79 1/4 74.11 10.73 

IS • 

OT.O 

ZN.00 '8 JO 

15/ 1/198S 



15.12 




1974 EHRlOrtHA 

- * 


76- 

16.36 11,18 

75 

17.5 

98*50 8.50 

15/ 1/1989 






50 

1987* CTROriHA 



93 5/8 15.69 15.22 

60 

100.00 14.25 

25/ 3/1990 

•» a 






196* namprM coal ( steel 


a* 3/4 13. 09 

6.19 

73 

6.0- 

99- DO 5.25 

1 5/1T/J P8A ■ 



!*.» 






83 

IMS 

7.83 

30 

4-0 

99.50 6.50 

15/ 6/1986 



15.20 




1966 EOURAH COAL * STEEL 


*3' 3/4 11.55 

7.76 

30 

6.5 

98.50 6.50 

1/1 2/1986 



15.21 



=9 

1967 EOkfflpKAS COAL 4 STEEL- 


S3 1/4 11.79 

7.81 

30 

8-0 

9B-50 6.50 

1/ 3/1587 









BA 

10.75 

7.89 

SO. 

7.9 

98. M 6.623 

■ . 1/10/1987 



34.22 






69 

15.76 10.14 

60 

=*-0 

99.50 7.N 

15/ L/1S8B 



21.15 



30 



87' 

26-16 

8.76 

IN 

99-00 7.(25 

■ 15/ 5/1984 









97 1/8 

8.33 

7-98 

24 

31.3 

100-00 7. 75 

1/ 2/1H9 



8.69 



30 

1976 RORORAl COAL 4 STEEL 


89 1/2 

16.79 

8.94 

30 

99- » 8-M 

-1/12/1983 








p 

82 

13.96 

9.74 

IN 

Tl.Q 

100-00 8.N 

1/ 9A986 






75 



86 3/8 L5-71' 

9.63 

IN 

».» 8.125 

75/11/1564 

B 



- 


10 . 


9 

74 

16.71 11.13 

IN 

loo.oo 8.15 • 

15/ 2/1967 









71 5/8 14.88 11.52 

30 

47.0 

I DO- 50 8.25 

1/10/1989 



16.46 



150 

1915 EOWKTAB COAL 4 STEEL 


M 3ft 15.14 

8.88 

.40 

39.50 8.373 

15/ 2/1983 

3 





30 

1978 EWOKAH COAL 6 STEEL 


84- 

18.27 

MT 

50 

99. N 8.375 

15/ 3/I9BS 









84 

73-87 10.12 

50 

14.4 

99.25 8.50 - 

2/ 8/1936 



IB. 36 ■ 




1*»£ 

U0.W 

1972 

56.00 

1*71 


XADORS V ’Oivn 
: 8.00 31/12/1990 

- 

S “1I3"‘WWS 

SSLL 1WCTO, 

1.30 45/ 1/1987 

“-“'7.7? % 0/1987 * 

9 “’tS r - ir ^/12ft986 " 

*I R 8.S r * r i/a/M« 
TBAMAUW FIE B** 3 . 
^6.30 31/10/1985 

^^^4^3. 

TlliBU»RBZA 6MLOT 
7.* 13/ 

B nou*Bwnnx*n4noiW. 


1976 ASUS DMUflWJT 
09.73 8.623 Ift/lIB* S 

14TS Cohrcil optokpc . - 
96.75 . *-:3 15/ 6/1*64 

7lSftO i JW1W19®. • 

nil naA=wr 

.!!»!»• 12.87* U S/1990 


■|,ra 
■ 9t.ro 
IFF? 
100.30 
1*77 
200.00 
IIR 

iD0.ro 

1977 

99.W 

1*68 

1BOUOD 

.19*7 
98.29 
' I9W 
96.90 
UTS 

98.23 


64 

82 

33 

84 i/4 
78 ‘ 
78 

88 1/2 
7! 1/2 
*9 1/8 
93 1ft 
9L 5ft 
92 7/8 


16.80 12.50 
19.32 

13.61 10.06 
15.97 

11.95 19-N 

:K-37 .- 
14.71 "J.« 
13.5* 

■|A.J4 9.6= 
15-67 . 

14.43 9-94 

11. TO 9.96 
1S41 - 

14.81 1108 

10-11 7.19 

42*32 

13.35 7.2* 
10.03 7.37 

12.96 

13-Oil 10.29 
,18.55' - 


81 " 13.5? 1B-M 

«0 7/014.95 10.13 
• . 46.70 • 


70 


I4.A8 12.30 


an/2^5.76 14.71 
10-96 • 


■ 30 
20.0 
73 

50 

100. 

97.0 
75 

73.0 
50 

23 

21-8 

50 

4 1.3 
IDO 

93.3 
7S 
75-0 
60 
45-0 
2S 
ai-fi 

30 

M.O 

123 

123.0: 

no 

- 1».0 

40 

40.0 
100 

180.0 

100 


50 " 


73 

TS.O 

70 

70.0 
2* 

56.0 
*3 
■5.0 
£3 
23-0 

S3 

5.0 

20 

5-0. 

25 

h*: 

15 • 
5.0 


1918 KtBtKAN GOAL 6 WZU. ' 
99.00 8.30 1/ 3/1990 

717* ■ 8SB0KAB C04L 4 SUEZ. 
99.30 8.623 ' 1/ 3/1984 8 

1478 BBOSAJI COW.,4 SRKL 
99.75 8.75 15/ 6/1987 

. 4977 SmreM COAL 4 STEM. 

100.75 9.75 1/1Q/1M7 

1476 TOMKAS COAL 4 5T8BL 

99.00 8.073 13/11/1996 S 

1976 EBBOKAH OOAL 6 SttBL t 

100-00 9.00 13/ 1/19*3 

-1974 caUKAB COAL 6 STEEL 

100.00 ■ 9.00 1/ 4/190 - 

4977 EfflBWW COM. 6 S9BEL 

160.00 ■ 9-00- 15/ 6/1995 

1976 HROmAS OOAL X mu' 

39.00 • 9.00 1/ S/1196 5 

1977 ESKOTCAR'COAL A STEEL 

100.ro 9.125 1/AAS97 S 

1976 EUaniS C04L1 TOI. 

100.00 9.25 15/ 1/198* 

1474 EOMKBBI COAL 6 STEEL - 

.99 JO 9.23 V 4/1998 ■ 

1978 natnurcoAL * steel tx 

99.00 9-75 JV 1/1999 

1979 E8R0RAB GOAL 4 STEEL ' 

- 9*75 1/ 4/19W * 

197* HRKM COAL A STEEL GO 
. 99.75 . 9JJ 1/ 7/1091 

1980 EWVEM COAL 6 STUL 

99.75 11.50 15/ 1/1988 

1980 EEMKW COAL l STEEL 

200.00 - U.3D . - 15/ S/1988 

t«70 EBSORtir COAL A STEEL « 
98.88 11.50- 13/12/19*6 

mi mwEAB'eoui't-Btsn. ' 
99.30- I *.00 -2 2/ 4 /1988 . 

" 1MC- EOtOPEAB MU. l Sm 
- 99.63 14.79 -26/ 3/19*7 • - 

‘-4977 sibokax cotonn 

»9*« 7.71 6/198*. : 

1MO raWPEAB COOTWOT " 
99.50 11-00 1 7/ 5/1 995 - 

1*80 OTWFAH 

100.00 ■ 11.00 1 / 8/19 93 - 

1900 EDIUKAII LUMMUrCt 

. 99% l£8 13/12/19S9 . 

J901 EBXWeABCMOpfTjt 
BOrOO' 20/ -4/49 91 ■ • 

1984* rtMPSA* COKHWTTT ' 
100.00 L5.30 1/12 /1993 . 

1964 BMM 4Bm'BC« U8K 
99.30' - -5-50 15/11/1904 . . 

4SS>* M SS' I jS5?SaP^ ; 


» - 14.82 1141 UO 

. 11.74 . : 

89 7ft 13.69 9.83 100 ' 

721/S 17.6812^)7. 75 
75-0 

63 7ft 14.83 13-70 7S 

• rl5.96 y . 

66 SA 14-96 13.76 75 . 

. -17.60 75.0 
96.2/416^4. 9JS .100 
5- i . .100.0- 

. 69 3ft 14-76 12*90 125 " . 

15.61 .. l£5.0 

*7-1/2 14.76 19.33 400 

• 15.60 -U0.0 

67 5ft 15 JO ij.75 « 

• • 27.55 j; 58.0 

E7.1/2 15.09 13.38 50 

17.46 : . 

*4 1/Z 15>I«.10*9S 150 

• 15-7* 

-66 14.95 14*02 20 

- • 15*83 

6* 13.18 13423 UO 

. 15.75 

68 1ft 15.49 14-80 -75 
■ . 16.28 

7t in. XS.2S It. 94 30 ' 

• 16.39 ■ ; 

83 1ft 15.51 1J.45 150 

16.67 

84 7ft 15,39 13.5S UO 

16.65 . 100.0 

U 5ft 17.50 24.24 1TO 
. ISO. 9 

9* 15.60 14.89 100 

96 ift 15.91 25*36 160 
200-0 

87 3/0-15.68 Wt 100 

76 1ft 15431 24*43 UO 
-- - . 16*41 • 

7* ■ 15*80 14*86 80 

- 16-96 . 

«5 . '-15*98 15.59 100 
, 16*15 • .-iro-p- 

94 7ft" 25. 73 19*53 MW 
- i 15*90 -. 

90 Iftta.A Z6*Z9 ioo 

16-M 

ff 3/1 11.33 6*n aro 

' . .15*26 . 

aMft-10.ro 6M 1» 

•- 1.15.01. i 100.0, 
97'lA'ZD.T* 6J8 40“ 

» lftiu»"7-M 2M •’ 
45*09 150.0 


- 19*7 BnMTEiTJBVESaOESr BBC 84* 1/2- 10.71 7.69 ZOO 

99.75 6*»- ." 1/ 6/19*7 13.U 

.1972 8S80PEAB HWSBOTT-IABX 69 7ft 15.35 ID.K 100 
.,98.50 7.00 15/13/1987 16.B9-. 

. 2922 HUmeAB- OTESTKEBr XHL Xt 5ft 15.09 .9.98 55 

■ 98.50 7.23 . 15/10/1987 17.27 . 

1973 E08OKAS aroSStKEWIOT TO- 3ft ISM 10.39 40 

98.50 7.25 U/. 2/1988 17.4* r 

1969 EtHWTtAB UnCSTsCBT 1ASC 89 5/8 13.17 8.54 25 

. 98-5D 7.50 1/11/1984 S JJull .. 

.'.1972 EBOPEAX UmSinn BABE CP-Sft 14-BA U-09 20 

• 97.50,, 7 JO - 15/ 2/1990 18.22 20.0 

' .1977 'sffiOKAB mFWatEKT.IUSK 87 1/8 15.18 9.09 250 

- 99.75, t 7.75 . 4/10/1984 S. . 

1977 EB0TE4.9 3S9ESBKHT IKK- 88 5/r 13-86 9-03 200 
.-J00.25 8.00 .. 1/ 4/1984 

- 1973 E8807E4B- KVESTSEET BASK 98' 7/B 8.22 8.09 250 

99*50 - 8*00 .15/10/1988 

.1976 BUOKiir MTOISEBr UOX 93 3/8 14.74 8.84 250 
, 99.5D t.15 1/ 9/1983 . . . . _ - 

1976 itlBUUIl'mBWB BOT 9* 1/r 12.39 8*73 200 

.100.00 8.25 ..1/11/1983 

1977 ETaUBSMTIWESraST BARK M 16*40 9-B2 250 

. 100.M 8.25 10/ 1/19*5 

1977 ETOKCAr a iW Bme C BASE 77 1/2 14.61 10.63 200 

99.73 8.25 1 5/10/1987 

. . 2977 ZDBOKAB mTOTHEBT UK 77 UZ 13-10 10-65 230 
*9.73 8.23 1/ 4/1987 

2978 ZOnmAR Pft g S CTtlCr UK 81 1/2 14-93 10.28 200 
99S75 6.975 1/ 6/1986 , 

1.77 BBOTAB ENESTHOTV BASK 68 0.97 12-70 300 

99.50 - *.375 1/10/1992 S .18.1* . 

1971 -EBBOFUa SnBSaSRT BASK <8 3ft 12.H 9*39 300 
100.00 , 8.50 .15/ J/1M6 . . H-M 

1973 tmmi TUBES WEW UK 75 5/a 14-53 11*34 500 

98-50 3-50 J 5/12/1988 . 14.58... 

1978 EEKOTCAH KBB1MXOT. UK 73 Sft 13.25 11.24 250 

99. 50 8.U I/. 2/1988 • . - 

1976 KJBorKAS OTBSmSST BASE " 90 1ft 15.81 9.80 210 
99.75 6.625 1/ 4/1984 -5 ^ •. 

1978 EOBOKAB JOTM Ul B g BARE 86 15.76 10.28 .10 

99.61 B.A2S 1/ 3/1985 S .. 80 J 

1971 EUKOPSAS KVE91HEW.X4HL- « 3ft J3.04 9.M 130 

100.00 8.15 1/ 1/1986 1 5.94 . 

1974 BOTOPEAX- OWSUBBr USE 84 1ft 14.44 10*40 100 ; 

97.50 8-75 15/ 4/1986 15-45 

1976 xSWKIBlWBSaEHr UK ,5 7ft 14.91 22-33 

. 99-25 8.75 1/9/1988. 

1977 ' EOEOTEAR-BMSmm URK 73 1ft 03-93 11. 97 500 

.100.00 8-75 It 4/1992 ... ... 

1976 EDK0KM TSVTSTiEBE' BASK 69 3/6 14.48 "1L. 54 2 23 " 
,99.50. 3*75 1/ 2/1993 . 

1978 EB1HU3 TSVESTHEST BABE M 3ft 15.74 11*29 250 

99.30 . .8.975, It 10/1986 S ..... 

1976 EOBOTEAR mSS t lBlir UK 66 Sft M.95 13-76 150 
99*30.. 8-875 15/12/1996 5 17*59.. 

■ 197* 800104 S TWESTHOT BARK » 1ft 14.93 9-37 200 

100.00, - .9.00 ■ 1/11/1982 S . v. 

• 1977 EHKKA9- '{RKSBJUI' MBK 66 1/1 15.M 13*99 300 

200*90 ■ 9.00 U/ 3/1997 . * 17.55 - 

J97B EMOTE AS* 'ftFUtKESTr BABE 7* 3ft 13*70 12*21 140- 

99.50.. 9.125 1/ 7/1995 15.99 - 

. ina EflWKMr awsarar bak ** 5ft 13.54 r**62 ioo-- 

99.00 9-125 1/10/1998 S • 16*61 

1.78 tmaxKt vmam-sBs ** in ioo 

I/3A998 S. ..16.64. 

• 1975 U80PE4R IB l Ei1 M 8 1ft USE B 3/4 14*91 10.70 150 - 

1U JO-rL* * 15/ 3/1985 .: 15*18 : 

. ]9T9 sQUTEAB 3BVBSTHEBT BABE. tS - ' 15.00 11*21 125 
.99.63,: 9*50 ■ 30/ 5/1986 

1979 BBORAB mESamn UK 64- Sft 13^8 11*70 300 

99.50 9.62f 25/. 3/19M. t .... 

" 14N zatBOKS It W B BI BB r BE-B 65 27-82 14-*1 UO 

99.30 79^05 15/ 2/1991 -• 

2980 BBHtfBAB IKBffiKDlI BARE 80 l/* 13-79 12.17 150 
.10(M»^9?73 1/ 1/1963 ■ . - • 

' 1979 HEWSlS UttSaOBT *A?2 77 1/2 15-24 22-3* 400 
100.00- - f9-75 15/ S/1989 

.'mo amnmf angs a w . »wc ft m lku u.09 400 

99.75- -. 9-75 »/ 3/1991. 

1979 toKowaR- aw saron babe si in 15.95 12.43 son 
99,75.^^-825 II *nrn 9 . ; 

3979 EM07E4S aw a a m r babe 67 7ft is*m i5.oa sbo •• 

109.00 T9.87S 15/ 2/1999, S 14.68 . . 

*']979 XSI07L45 2S9SSBCB7 BASE 68.1/i"J9.8! 13.13 ]50 . 

• 99.00. : 10.00- 2/:«/M99 5. . .16.62,., - - .« 

1979 eiBOTE** inmanr BARK 8’' 5 ft" 1 5.96 IMS 400. 

. 99.60 : in.ia U/1/IMJ-.5 .- . • - 

1979 "torocGU att u r gAj base 6» in isfti iw» sro 

99.60 10.15 HI 9/1999 i. 16.53 , : 

1980 taOKAS inuawu -BARK 82 3ft 15.65 li» 50 - 

100.00. 11*00 *15/ 6/1988 

29td EmscAE' msarocr iak n •• M*fll lifts aso " 

99.15., 11.625 vTS987 .fi . . 

1979 EaBOKAB'ancnHBBr sat k. --is.6M6.51 75 

99*75 11.75 -15/ 1/1991 . 

I960 |2liaKAVZfft8OTBr-BaK '75 iftlS-Tl 15*57 IW 
ra.65, 11*975 .;/ 1/3000 S . 16-36 ' . . 

1980 mCRWXnCSCIBSr IAK » 18*15 16*fi4 125 

iro.ro^ iz*73 -.1/10/1988 i . - 

*1981 EWJtLAIf OT5MSE3T SMC. 8* 5ft XM3 1**39 300 
100*00 12.73 .45/-Wfia ... r. 

1981 ZSaoniM TTBSIWRI BAK KT l/515-W 14.57 *00 

94.83- 12-75 .1/ 4/1989 , -• 

' 'i«n aaomatB aaig us M.ift f6.os 15.91 roo 
, «*»; 13*50 - : 1/1WSM9 ,S. , ... 16.25.. j* 

1980 "raBsus-uissaim-sisk 9: aft ims i(*82 *ao 

99*50. . 1J.K 15/J/19W,.- ... *. ^ , 

: i9c*'m»s*^.a«%tiBirBA3l£ ov.SK'ts.io u^jz 200 

100.00 15.59 15/ 1/1999 15*66 


03 BOLLABMOTBAIUTIOBAXi (COWTN UTE; 

1911* mapuM xsTEsmnn bisk iol 3/8 it*a is jb 
100.ro 16.50 U/ 9/1988 

1981* zokorHAis UFEimr-BK ibj 3/s 15.97 »^o 
99.75 16*75 1/11/1991 

1982* Uint-UaiCAII DEV BACK 96 5/8 16.02-15.65 
.100.00': 15.125 22/L2/19B7 . 

1977 souk imswat saw mt *ig.u t.9i 

,100.0b: 7.;s 1/ 6/1984 

1978 SOW 1C' Iff WHEAT BARE 73 3/4 15.94 ] l JUS 

.100.00-' 8-75 - U/ 5/1988 

2981 VOOOlC lRmZHQCT BABE 97 * 15.87 25.65 

IN. DO 14.425 15/ 4/(990 S 16. JJ 

11.78 7*38 


1977 TOLD BABE - 

100-00 . 7.125 1/ 8/1982 

1977 -JOOU).BA5C 
100.00 . 7.65 

1977 WMLD bud; 

200.00- - 7.75 

1976 WOULD BABE 
99.80 7.80 


1173 WQBLD BARK 
108.00 8.15 


It 5/1997 8 
1/ 8/ 1987 S. 
J/1T/J9M * 
1/ 1/1985 S 


1976 WOULD BABE 

200.00 ; 8.375 1/ 7/1986 S . 

"1975 HOLD BASK 

100.00 ■ 8.(0 15/ 7/1985 S 

1975 TOLD BASE 

100.00 : 8.85 13/12/1985 S 

1980 TOLD BARK 
100.00 , 9-7S 15/ 6/1985 

1980 WORLD MRR - 

10Q.OO- 10.25 15/ 6/1967 

7981* TOLD BASK 
99.50.: 14.23- 13/ 5/2987 

1981 WORLD BABE 

,98.50: 14.375 1/ 7/1986 

■ 1982* WORLD UK 

• 9|.50. 13.25- 1/ 3/1588 - 

1911* TOLD UK 
100. OCt. 24.00 1/ 4/1986 

1981* waua BABE 
100-00 : 14*00 6/ 5/1988 

1981* TOLD BABE 
106-00 ; 14.50 30/ 9/1184 

1981* BOELO BABE 
100-00 - 14.50 30/ 9/1988 

w muji-L tm CDCTUN 

1982" AXLUncC UCBPIELD O/S 
25.73. O.M 4/ 2/1992 

1982* 1AEZB UR HB 
24.70 "0.00 25/ 2/1992 

1982* REIIUCB POODS O/S TO 

25.50 - 0.0ft 9/ 2/1992 

1982* BOTnnAL O/S PLK B87 
3?.?0 0.00 10/ 2/1990 

1982* CIHFBm. SOOT D/S PU' 

. 27.00 : O.N 12/ 4/1992 

.1982* CABU1IUS ns SEN 
■J4.ua ■ 0-00 21/ 8/1992 . 

1 981* .CAXIXP ILLAE KB 52RV 
15.9* O.M 11/ 2/199* 

imi* anattp o/s ra n 

6S.75, - 0.00 18/ a/IBU 

ifiti* cmcoRP o/s ns, * -w 

66.75- . O.U U/ 8/1984 

1982* emnr o/s fib 

64.5ft- 0.00 11/ 2/1985 

UB2* CXOCKBB WAZUBUL BABE 
.24.75- s 0 JM 24/ 2/1992 

. 1982* no ran a/s capital 
33.90 : 0.00 11/ 3/1990 

IMS* CAZ BE FIASCS 

25.83- - 04)0 . 23 1 2/1393 

1982* GAZ M? 7UBCE 

13 M - 0.00. 1/ 3/1996 

1983* C8BBUL- ELECT CBEO UTL 
26.08 0.00 17/ 3/1992 

I960* GEHEXAL'ILECT CEfiD ZF7L 
22*80 - O.M 17/ 2/1993 

1982* CZ8IHAL ELECT CRD ZBTL 
I9.n ■ -0.00 til 3/1994 
1992* G8SE14L ELECT CBED 1STL 
17.2s 0.00 4/ 3/1.995 

1982" flMAC o/s ns 
34-00 . 0.00 IB/ 2/1990 

1962* QUC o/s'nn 

23.75- .- 0-W ; 1/10/ 1 992. , 

1182* GOT OIL" FIS 

.25 JJ. 0.00- i/ 3/1992 

1M1* name uvramEBT utt 
Jl.75. O.M 15/12/1986 , 

1982* JJUPE3RXE GLOBAL ITS 
18-50 ; 0.00 17/ 2/1994. 

1981 PEPSICO CAP . 

67-25 ■ 0.00- 25/ fi/UBfi 

J982* PEPSICO GIP 

“6-00 j P-00 41 SA99S . 

198 2* PEPSICO CatCtaL corf 
.30.75 : .0.00 - 2/ 3/199* 

ms* nzur KHou cubit cap 
. 23.25,, ,f.0G- . 8/6/1994 

J982* X 3 kSBfcJM 0/6 TO 
23-50-: OJW 19/ 2/1992 

1982* fiSARfi 0/5 n* 

.0-00 18/ 3A992 >■ 

1982*" SEARS Wi PTC 
l»fr 0-W 27/ S/3 794 .. 

1982* SWEDISH' QBDKX- BDtt 
19*70 OftO 20/ 3/1994 


73 
75 
1JS, 
=30 ■ 


35 

. 10.0 . 
=5 


99 5/8 

76 1ft 15.35 10.30 30 

75 3/6 15.33 10.5S 60 

77 7/B 15.14 10.27 IN 

86 1/2 23.33 -0.64 40 

80 3/4' 15-49 10.64 100 
85 15.46 10.37 » 


*4 15.69 10.81 

25 

87 3/8 15.36 11.16 

70 

83. 13.39 13.33 

30 

95 1/4 15-68 H.9S 

=5 

96 7 IB 13-48 14.84 

30 ' 

98 1/8 13.71 

15-54 

400 

101 in 13.37 

15.76 

135 

1013ft 15.48 13.72 

25 

15.12 



lor 7/B 13.15 16.04 

25 

2D2 3/6 13.7= 

26-D6 

35 



50 

27 3/8 14-4* 

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50 

26 14.98 

■ 0.00 

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0.00 

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52.5ft 15.85 

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30 

=7 2/8* 14-29 

O.U 

. 50 

24 1/4 15.04 

0.00 

23 

30 1/2 l*-6= 

0.00 

40 

73 Jft 13-62 

o.po 

60 

713/6 16.08 

M0 

70 

68 3/B 15.65 

0.00 

SO 

SB 3/8 M.U 

•OTO 

30 

34 Jft U-U 

04)0 

30 

31 3/8 14-37 

0.00 

SO 

22 -IMS 

dJra 

as; 

27 1/2 14.33 

0.00 

30 

34 1/6 14.26 

OAO 

100 . 

20 5/0 14.47 

0.00 

ioo 

IE 1/2 14*21 

0.00- 

30 ' 

32 J/B 15-74 

0-00 

25 

25 14-48 

0-00 

SO 

26 7/8 14-55 

d.oo 

IOO 

" 52 1/2 15*55 

OTO 

125 •" 

40 3ft 14-a 

0*00 

IDO 

76 I/Z- 14*44 

0.00 

aw-' 

27 3/4 14.33 

0*00 

w 

21 3 IS 13-96 

0-00 

50 

V 

. • 

21 i/c u-as 

0J0 

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26 1/2 14.78 

0-00 

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26 Oft 14 JC 

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100 " 

- 


- 1 1 

2D Jft l*-« 

0.00 

30 

19 1/2 15.00 

0.00 

U 


T» BOUAM-tOO COPTOH (OOH r mPEP) 

ml* HAK84IBRICA FI* COBP HW 51 16.13 0.00 

53.75- O.M 22/12/1986 

1481* TXASSiHEtXCA FIB COUP XU 50 5/8 1«.*2 0.00 
53-75 0.00 22/12/1986 

1982* BUS PASCO UT FIB 44 1/2 15.57 0.00 

44-40 0.00 4/ 2/1998 

1482* XEROX CREDIT NIP *6 1/2 14.81 0.00 

35.50. O.M 11/2/1992 

OS DOLLARS- FLOAT KG RAIL 


1975 ADELA THVESaUXT 8: 1-3/8 60 
1N.N 19.425 8/ 1/1493 S 

1978 ALAHLI RK HJUATT 5.S;J/4 100 1/8 

100.00- 15.375 23/ 4/1593 -6 

1977 ALLIED DUl BE 6.73:1/4 99 3/4 

100.00 15.75 24/ 3/1994 S 

1979 ALLIED IRISH BE 5.25il/A 99 3/4 

100.00 15.188 2/ 1/1987 S 

1982* ALLIED TUBH « 3.25:1/4 99 1/4 
-JOO.OO 15.688 JW 4/1992 S 

1978 AREBICAS MP BBS 1/4 IN 

100.00 15.313 20/ 4/1985 5 

1982* A.V.A.S- 5.25:1/4 97 3/8 

JW.00 16.488 17/2/1990 5 

1477 A8DELSBABXBI 7:1/4 99 3/8 

100.M- 15.063 2/ 6/198* E 

1478 ARAB I STL JUffK «.$:3/8 100 1/8 

100.00. 16 .M 1/ 8/1993 3 

1982* M.I.I. FTC * 5. 5:1/4 97 1/4 
1H.N 15.688 =0/ 4/1999 B 

1979 RRL (CASU5> LTD 6.3:l/4 99 3/8 

100.00 17.188 =5/ 6/1984 S 

6. 5:1/4 99 7 ft 
27/10/1983 S 


1976 B-P-C.C. 

100.00 13.25 

1977 S.F.C.E. 


6.375:1/4 99 3/4 


1981* B.P.C.E. 
100.00 13.00 


100-00. 15.375 23/ 8/1984 E 

* 5.25:1/4 99 3/8 
. 27/ 1/1987 S 

* 9.25:1/4 98 3/4 
=6/10/1 9 W S 

1980 BARCA SERP1R 7.25:1/4 96 1/4 
10O.M 15.688 3/10/1986 G 

1980 BANCO ra BOGOTA 7:1/4 98 

1N.O0 16.30 4/ 2/1985 S 

1979 8ABO> «C CHILE 6-5U/4 95 1/2 
100.00 15.873 31/ 1/1986 E 

1979 MEN PI BflHA E9I 4:1/4 99 3/8 
1N.OO 15.043 26/ 4/19*7 S 

I960 BN CBCT C/BTCA 6.5i7/B 65 
in.OD 16.125 1/ 6/1983 S 

1981 BLADE); 7:1/4 97 3/8 

100.00 16.375. 29/ 6/1986 S 

1982* B4EC0MER SA 5. 5:7/4 91 1ft 

100.00 15.313 8/ 3/1990 5 

,1978 MEN VAC ASCENT Bil/4 98 3/4 
100.00 15.688 21/ 7/1983 S. 

1979 MEN VAC 4SCCKT 7:1/4 98 

100.00 13.438 22/ 3/1986 5 

1980 IASC0 XAC 4KOSST 6:1/4 15 l/2 

7N.O0 15.313 13/10/1987 0 

1980 BAKIUK 6.25:1/4 96 

100.00 . 14.873 14/ S/1987 S 

. 19H* UTOEX 189 5.73:1/4 94 3/8 

100.00 26.063 5/ 2/1992 5 

1981 1ASCO RAC DESia 9-5; 1/4 96 2/8 

100.ro 35.50 11/ 6/1987 3, 

1979 B4KO K4C DO DESK 6:1ft 89 

200.00 16.75 21/ 6/1989 Q 

low xoco ram 6.7S11 /A is i/s 

100.ro 15.00 15/ 5/1985 S 

1979 BCD mpF BA B83 7.75:1/4 M 1/8 

100.00 25.063 5/ 6/1986 S 

1981* MD IMF BA 186 7.75:1/4 91 

100.00 1 3l063 20/11/1988 6 

1978 2ABW CSIilS . 7.75:1/6 991/6 

lOOTO 16.Q0 1/ 4/1985 3 

1979 BABE 8df& HaUX 6.25:1/6 99 3/6 

IMftO 15-25 23/ 4/1984 8. 

I MO K.B.L. Or 3:1/4 99 ift 

100.00. 15,063 20/11/IH6- S 

1978 IK TO CO EV* 5.3: 1/4 99 J/8 

100.00 14.938 10/ 1/1989 E 

1982* BAH OF BABOO* 7:1/4 98 1/6 
100.00 . 14.75 ill 5/1989 5 

1980 BAKE DP COMDlilC 6:2/A 99 3/8 

-.100-00 16.688 13/ 8/1985 S 

1979 BARK OP XRELAHD 5.25:1/4 99 1ft 
IM.ro 14.873 21/11/1989 Q 

1980 BE OP HOnXEAL* '9-25:1/4 99 3/8 
•100.ro.i 24.875 -16/13/1990 8 

- 1981* SK OP HDiTBDU. 5.25:1/8 98 9/8" 
I00.ro 15.125 29/10/1991 G 

1981* BE KOTA ser UE S.2$:l/s 98 3/6 
100.00- 15.125 29/10/1993 5. 

J982* BE Ron.- SOOT * 5.25:1/4 98 5/8 
1M.O0- ,5.M_ 8/ 7/199A 5 

- 1977 iWK OrilMSD 6.5:1ft M 3/4 

5W-00 19*00 15/11/1954 3 

1980 BAKE 8P TTKTO * , Ift 99 3/4 

.100.00 15.620 23/ 7/1967 8 

1979 BAnOPTOETO 5.25:1/8 99 5/8 
100.00 : 25.3)5 25/10/1969 0. 

1951 BARE TOCTO HR**- 5.25:1/4 99 9/8 
lOO.Oa 16.458 4/. 2/1991 S.„- 

1981* BASK TOktS 888 5^25:1/8 98 7/B' 
IW.OO.- IS 25- 10/1JA991 S. 

1978 ■ liKr W TOBTD * 5Jsl7* 99 9/2 
100-00 15,688 18/10/1993 8 

1978 RAnRIETOHG S.IJUft 99 5/1 
100.00 15.875 15/ 6/1*65 _6 


75 

32.71 70 

J5.36 75 

15.79 so 
15.23 2S# 
is.?? m, 
15.31 2M 
1T.1* la 
15.1b 3M 
15.98 4 0 

16-13 W 
17.25 so 
1S.S7 M 

15.41 ao 

16.35 mo 

IS.*" 200 
200.0 
18.30 is • 

16.84 25 

76.42 j} 


15.16 

SO 

24.81 

IN 

1N-0 

16.8= 

30 

15.59 

=0 

15-89 

IOO 

15.75 

50 

3D.0 

16.03 

100' 


IN.O 

15.49 

30 

17.02 

35 

16.12 

65 

18*82 

ISO 

15* =9 

100 

15-35 

10 

lb-53 

ISO 

36.12 

ISO 

15-79 

Ao" 

1J-1S 

300 

23.03 

120 

] 5.01 

250 

15.79 

100 

■I*.M 

SO 

15,97 

30 

13,34 

3M 

15-32 ' 

35 

3.32 

SO 

15-04 

250 

1S-S6 

to 

15-37 

80 

16.50 

3S0 

25U2 

75 

15*77 

» 

15-91 

JO 


PE POU-ARS-FlQAmgB HATE (00VT 1SP131 

1979 l.D.E- 5.25:1/4 99 1ft 

100.00 24.25 =0/12/1989 I) 

1978 BqOE Err D’ALC 8.375:3/4 IN 
1Q0.W 16. *38 9/ «/19ft. S 

1977 l«JE RAT D'ALG 7.75i2/4 100 

100.N 16.25 7 5/10/2982 5 

197* 8Q0C SAT D'ALG 7.3:5/8 100 1/4 

100. W 14.375 20/12/1985 5 

1976 B.V.P. * 7:1/4 99 7/8 

100.00 15.25 1/ 3/1983 S 

I977 - I.V.P. • 5.75:1/4 99 7/8 

100.00 15.75 21/ 3/1983 S 

1978 R.K.P. 182 • Ift IOO 

100.00 16.688 21/ 2/1984 5 

1980 3 JT.P. « 5.25:1ft 99 1/2 

100.00 15.375 19/ 3/198? 5 

14*0 B.W.P. R85 5.5:1/* 99 1/2 

100.00 15.25 =9/ 1/19*8 0 

!W 5.25:1/8 99 1ft 

4/ 5/19B9 S 


XR 3.25:3/8 91 3/8 
6/ 5/J9S9 5 
* 5. 5:1/4 99 3/8 
22/ 2/1991 S 

98 3ft 


1982* B.V.P- 

100.00 15.188 
1987* B.V.F. 

IW.OO 15.188 
1979 B.V.P. 

ioo.ro i4.«m 

1981 > J.P. 18* (2) 7.5 

99.63 15.25 11/ 4/1996 8 

197S BQOE JRDO SDK 5.5:2ft » 7/8 
100-DO 16.313 25/ 7/1985 5 

1*79 BODE WDO SO EX 5.25:1ft 9* 1/2 
IDO. DO 14.938 10/ 7/1989 S 

1978 ttfJE Iff APR OCC 6.5:1ft 99 3ft 

100.00 15.15 IV 7/1*83 3 

19*2* JR2UE Iff MIC 5. 71:1ft 97 1/2 
99.75 ^ 15.688 7/ 4/1988 S 

1979 BASqUC SOD4KEBXS 6:1/4 96 

100.00 14.938 It 7/1987 5 

1979 1ARCUIY3 O/S MV 5:1/4 99 5/8 

IN.OD 15.375 13/ b/19» E 

1980 lilCURg 0 Is MV 5:1/4 99 J/B 

J 00.00 15.875 31/ 7/1995 S 

1977 BmcunSRA IKU 8:1.0 96 1/2 

99.00 16. N 27/ 4/1983 S 

1479 BZBCE9 BE 6:L/4 99 1/8 

IN. 00 U.B75 19/11/2989 Q 

I9BI* men BE R88 « ».S:l/4 99 
100.00 15.688 15/10/1991 0 

I960 BILBAO DTI 887 5.75:1/4 59 
IN.OD 14.875 29/ 3/1990 5 

1979 nm« AIR BOARD ]/B 

100. DO 14.875 13/11/1991 0 

1980 CAPITIXD nHARCE 7: Ift 

100.00 14.875 2/ 6/1985 5 

7979 C.A UVESBSS 7. 5:1/2 
100.00 I5.J63 It 8/1986 Q 

1981* C.C.C.E. M21I-SRP) 

100.00 15.313 3/ J/1993 5 

. 5.25:1ft 
3/ 9/1998 S 
• 5.25:3/8 

11/ 3/2D02 0 

7:1/4 100 
8/ 7/1983 S 

6*2:1/* 100 
8/ 7/198] 8 

.. . S .' 73 :^ 4 » 5/8 
3/ 3/1983 S 

ZB* VB 1/t 98 1/ 1 

200.00 14.75 27/ 5/1996 5 ' 

1981 C.7.E. -HZnCO 5.75:1/4 95 2/2 

100.00 1JTO 7/ 3/19B1 S ‘ 

1978 QUIT JAPBET Iff 6:2/4 99 S/l 

2DO.OO 16.50 9/ 8/1983 S 

* u * 

1911 CBXIBTlARlAlE . 5.5:1/* 99 2/8 

200.00 13.313 5/ 2/1991 Q 1 

1979 CITICORP O/S ■ 

JN.N 14.563 73/ 2/19BJ 


1978 C.C.C.E. 
100.00 16.125 

1982* C.C.C.E. 
iOO.W IS. 375 

1976 C.C.F. 

100.00 14.938 

1977 G.C.F. 

100.00- 14.938 

1978 C.C.F. 

100-00 15*323 ‘ 

1982* CX.F. 


99 

97 »/4 

97 2/2 
99 3/4 
» )/* 

98 3/8 


1979 CITICORP 0/E ■ 

loo.ofl, ib.en mi snnt 


99 5/8 

99, -J/B 
99 1/4 


1981 emcow 0/S.TZR 

300.00 14-451 2/ 6/1984 , 

TO 6:1/* 99 3/8- 
3W-00 15.188 8/ 3/1994 «l 

,i2 7 L 6lr ™«3TBG ns " 1/2 94 2/2 

100.00 16*063 1/ 8/1996 5 

CO-MI WRO TO 5.5:1ft 98 3ft 
100-00 ib.oo 14/10/199] s 

798** GOUT 712. 03715 * 1.25:1/4 99 7 ft 
JOO.W 16.3J5 2M 6/1994 Q 

W79_ CMnumt BARE 6:1ft 99 
100.00 75.00 35/11/198* B 

1971 CHUT ASUCOLE 6.511/4 99 3/4 
100-00 15.675 15/ I 7/1 984 S 

1982* CUD AGBZ 890/3 3.25:1/4 99 

'IW.OO 13-438 24/ 3/1997 fi 

1977 CrorrAgTiLr * 5.75flft 99 2/8 
100-00 13.00 18/ S/1984 S 

" 1979 CftomEST E97* J. 5:1/4 99 1/8 
100.00 15-438 14/ 6/1991 <J 

198S* COKE ' >87/89 5.15:1/4 99 2/B 
•10ffl.ro 15.43* 10/ 4/1992 S 

1984* CREDIT rose's * 5.25:1/4 9? 
100.00. 15.958 14/10/1988 fi 

1977 CREDIT U0C5A15 bilft 100 ]/( 
1DO.OO . 16.688 10/ 3/1985 9 - 

1977 OESIT’LWINUC 6.»ilft 99 X/Z 
1M.W1 16.625 24/ 6/1983 S 


16-37 

16.44 
16.25 

14.34 
15.27 
15.27 
16*69 
15-45 

15.34 
15-30 

15.44 
16.79 

25.44 
16.33 
15.02 
15.29 
16.09 
15.56 
15.43 

25.93 
16.58 

15.02 
25^5 

15.03 
15.03 
15-30 

15- « 
15*39 
16.27 
15.63 
14-94 

14.94 
1507 
14.92 
15.72 
UJfi 
u.s» 

17.02 
25*45 
12.62 

16- 88 
u.n 

13.2 4 
17.00 
JMU 
26.X 
25.15 
Udl 
23 /3» 
iSAi 
UJ7 
13.57 
16-ID 
16.67- 
18.71 


I 


26 


Financial Times Tuesdays Jtdy 13 1982 


30 

30 

SO 

300 

Z30 

75 

75J 

200 

30 

50 

100 

20 

20 

AS 

AO 

50 

200 

200 

25 

35 

26.3 

25 

AO 

4D-0 

SO 

50 

50.0 

250 

225 

200 

100 
100 .0 
50 

50. 0 
ISO 

100 

AO 

40 

50 

75 

75 

50 

25 

30 

IB 

ia.o 

75 

50 

30.0 
200 

to 

50 

SO 

50 

50 

30 

30 

30.0 

120 

100 

100 

75 

30 

75 






11 

J* 

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CeSRSHtBMr 

nus 

IP 


Is 




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xsoBMiunBinr 

1 

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. w-a mx Aa c - rr <!» Tipa .iusE <corbsb> 


1980 
ICO -00 

I98B 
100.00 
1981* 
100.00 
■1M2* 
100.00 
1982* 
100 J4 
1978 
100.00 
1962* 
lifl.CO 
1981* 
103.00 
1951* 
I0G.W 
1932* 
103.00 


i mn - i;w» * 5.25:1/5 
13-825 IB/ S/19B7 S 
g»mTT LT055AIS 5.25:1/8 
13.698 LI/ 9/1983 E 
rrm rr LTtBSAtS 5.25:1/3 
15.825 15/1C/1M8 = 
OO ITCH 389 3-ail/l 
16JJ8 1/ 7/199* 5 

CUD LT0T1 29C/3 5A5:l/L 
14.00 1/ 4/1997 S 

CREDIT SAZBKiL 3.15:1/5 
15.125 11/ 7/158* S 
CIS! SIT 390, '1* 5.15:1/4 
12.888 9/ 3/1994 S 


1980 
100.00 
1981* 
ICO -00 


1974 

ico.oo 

1980 
103-00 
1980 
100.00 
1978 
100. 00 
1974 
130-00 


1982- 

100.00 

1980 

100.00 

1981 
10C. DO 

1981* 

100.00 

1979 
103.00 

1980 
100. Q0 

1980 

103.00 

1981 

100.00 

1977 

100.00 

1979 

100.00 

1981 

100.00 

1980 

100.00 

1991 

100.00 

1980 

100.00 

1978 

100.00 

1979 

100.00 

1979 

100.00 

1979 

100.00 

1982* 

100.00 

1982* 

100.00 

1921* 

100.00 

1978 
ICO.OO 

1979 
100.00 

1980 
100.00 

1981* 

100.30 

1981 
100.00 

1981* 

100.00 

1977 
100.00 

1981* 

100.00 

1982* 

100.00 

1982* 

99.13 

1978 

100.00 

1982* 

100.00 


Gt3> S0H3M9 * 5.79:1/4 

14.875 23/ e/1392 S 

CTBSA £91 9:3/8 

15.543 23/10/1982 8 
BEBUU.EX5CD0K 839 3/16 
15. *38 25/ 2/1992 5 
BSE BOMKE CREDIT 8: 1/A 

15.313 5/11/1993 Q 
B29 seises (us) « : ha 

15.413 16/12/1990 Q 
US SOUSE CIS - 5-5: I/A 

15.00 4/13/1993 8 

' SEE CRETE CSX 5.23:1/4 
> 15.75 15/ 4/1992 3 

DS BASE m 6.25:1/4 
IS -875 15/13/1981 S 
EEL IBCV 5.25:1/4 

16.00 1/ 2/1987 -S 
EHEL (2) 7BC7 5.25:1/4 

14.00 !/ 4/1987 S 

CTPETROL (S2<) 7 1 1/2 

. 15.75 21/ 9/1986 S 

ESCDK *-5:1.0 

17.438 15/ 8/1982 S 

mu nr 39 8:1/4 

16.625 24/ 6/19E9 £ 
EBROTOA * 5.29:1/4 

19.438 27/ 9/1989 S 
EDB0PEAH AS IAS CAP 6:1/4 

i 15.50 12/ 6/1999 S 

EQUIP CAS ASIA* * 6:1/6 

1— 6a 13/ 5/1992 S 

nnavIE 5TAXO 5.29:1/4 

15.375 29/ 8/1988 S 
RBP07IE S1AT-2 S. 25; 1/4 

15.311 25/ 9/1988 S 
TOROVTE STAID 5.25:1/4 

16.875 22/12/1965 S 
FIAT FIS COBP 6:1/8 

15.063 30/10/1991 S 
10 QCA C/S m 5/3 

15.188 11/ 9/19S7 6 
GEHF2KAKCE 5.25:1/4 

15.168 31/10/1987 S 
GEETIMKCECIH) 5.25: 1/A 
17.25 30/ 6/1992 S 

CTOMint ZEEISAL 6:1/4 

15.75 6/ 4/1983 S 

CESDSSzs CUT * 3-3il/4 

15-25 1/ 871989 0 

gesossct znrr * s.iSii/4 

1.. 918 5/ 3/1992 Q 

COO USP EAEC 5.25:1/4 

14. 75 23/ 3/1991 Q 

aura no aua " 10:3/* 

16.313 18/ 6/1988 Q 

GTE ns PBCF 3/8 

15.50 28/ tif 1987 S 

COTARAttEN 6:1/4 

15.00 15/11/1988 S 

mi. SAHDZL OP 5.25:1/4 

15.313 19/ 1/1992 £ 

IB SAP I ST AS 7:3/4 

15. . 36 11/ 7/1936 3 
XC 15D03HUAS TIE 3/S 

15.311 15/ 7/1991 6 
X.K.T. 5.25:1/4 

15.938 31/ 3/1992 £ 
XEBUSSIA. 189 5.25:1/4 

14.75 27/ 5/1992 S 

xxmsr FZ5DLCH36 10:3/4 

16.375 15/ 10/1989 Q 
XSDOST BE JAPA5 5.5: 1/4 

14.75 1/12/1585 S 

TMD0ST BE 2APAK 5-25:1/4 

15.75 15/10/1987 S 

ZED CSX BE JAP4X 5.29(1/4 

15.75 9/10/1986 S 

HUBS! BE JAPA9 5.25:1/8 

14.875 9/11/1984 I 

xedbst be japan 1/4 

14.688 27/ S/1988 8 
X.C.l.C.I. 6.5:1/A 

15.563 16/12/1991 S 
nr vehim wt er be ct/i 
15.313 20/ 4/1984 S 
ISSUED B86 5-23:1/4 

15.75 21/10/1988 S 

XSELA5D 3.511/1 

15.50 19/ 3/1589 S 

XULA5D £94 '5.25:1/4 

1**75 25/ 2/1569 S 

XSEtnUAJOU-E 5.75:1/4 

13.375 27/ 4/1985 £ 
1141:1/4 

15/4/1SS3 S 


xsvcnax 

15.75 


99 5/S' 

UUS 

SO 

cnaa s-asu/t 99 v* 

UOJO 15US7 U/VJ587 0 

58.3/4 

I4U7 

20 

1977 jiromn 7.5:i 97 

99.00 16UZS 2/ 8/1583 S 

»:/a 

UUO 

30 

30.0 

1979 jraUHXA 8:7/8 Sa 1/2 

100.00 15.373 23/ 3/1989 £ 

991 /i 

17 J2 

30 

100.00 15.488 20/ 7/1983 X 

59 l/S 

16-14 

30 

1913* X1BBALL1S OS4XE 5.S:l/4 98 7/2 
100. DO 13.313 v 3/1992 S 

39 vs 

13.26 

50 

2980 ELUHMBT BBSE 5.79:1/4 99 VS 
100.00 15.00 V >6/1991 0 

90 1/4 

14*35 

30 

1981 SSEAUPSE >86 7.5:V4 58 1/2 
lOfl-OO. 14.813 . , 3/.6/1989 . £ . . 

99 

17J5 

30 

1981* SDSIA EKE BE 7.511/4 99 V* 
100.00 16.00 V10/ 1988 S 

93 

16-38 

30 

1581* msA rti wsrt> 7 uu/t st 7/8 

100.00 13.73 * 30/ -9/1989 E 

99 1/8 

15-57 

25 

1979 Vase IHAIfCAT) 6.75:1/4 99 V* 
100.00 16.668 JV a/1984 .6 

100 

15-31 

30 

30-0 

1978 UH8UUBXL BASRA 7.73(1 S3 
100.00 u.963 19/ 7/1985 8 

99 3/8 

1541 

£5 

25 J 

1980 UEET.TIECKA'BAEEA 8:7/8 93 3/* 
100.00 15.688 V 6/1987 S 

98 

15-31 

75 

I97« Hams nao 7.2SrV< 99 3/S 

100.00 14.873 31/ 3/1983 S 

98 V4 

16J» 

100 

100.0 

I960 UOS8 EDEO * 3.23:1/4 96-3/4 
100.00 15.00 .4/12/1991 S 

99 7/S 

15U9 

200 

200.0 

M«* lXflfBS Bn*- *5-25:1/4 98 7/S 
100-00 15- IBS 29/10/1993 6 

98 

16.33 

40 

1977 XJUBIEBmOD 6.325:1/4 99 7/S 
100.00 16.313 £7/ 7/1682 6 

98 

1BJ3 

60 

bu low TnS cam s:i/t 100 

200.00 16.688 15/ S/1983 8 

99 Va 

13-33 

« 

1978 XOEBTBaiaD* 3-29:V4 99 V* 
100. DO 14.50 9/11/1983 8 

100 

17-44 

75 

1979 ltnCXEHCBB 5.23:1/4 995/S 
100.00 13-313 15/12/1986 S 

97 1/4 

17.10 

30 

1979 UHBTUKCBH) 5. 5:1/4 99 VS 
100.00 15.23 7/ 6/19B9 8 

» 

1509 

30 

■1981* UHC-mOCCBD * 3. 5:1/4 99 1/2 

100.00 15.113 let 7/1989 S 

98 3/S 

15.76 

60 

1985* UK T8HK CUD 5.15:1/8 98 3/S 
•100.00. 14.625 27/3 / 1992 S 

97 3/8 

15 JZ 

'250 

1982*9414X8X4 289 5.15:1/4 SS 5/8 

100.00 13.688 6/ 4/1992 S 

97 5/8 

15.73 100 

1979 HAB IUH. O/S CAP 5.33:1/8 99 1/* 
lOOJO 14.73 30/ 3/1994 Q 

97 S/S 

15.60 

IOO 

198)* KES8TU. TZ8CH O/B 5.5 98 7/8 

100.00 14.30 3/12/1984 0 

97 3/4 

17.26 

IOO 

198) Kutnao/siu i/s 993/a 
99-75 14.918 7/ 3/1987 Q 

St 

16 J2 

30 

.1976 KDHABDBUE 7.5:1/6 100 

100.00 15.563 18/ 2/1983 S 

96 V4 

15-78 

SO 

1977 HDEAHB THt TM 4:1/4 99 V* 
100.00 15.125 18/ 3/1587 a 

99 3/S 

15J8 

125 

1979 HPL480 XST TO 3iV4 100 V2 
100.00 16.813 30/12/1389 8 

100 V4 

17.21 

130 

1981 HOUND XHT TO 9:1/4 99 1/8 
100.00 13.188 30/ 4/1991 S 

99 3/6 

15.79 

150 

I960 ”Tir»" ZEE TO 5-25:1/4 99 3/S 
100.08 13.063 V 6/1992 S 

99 1/2 

15-33 

125 

1978 Nmuienc TO S-Sil/4 99 V* 

2 00. DO 15.688 20/ 7/1993 S 

98 V4 

15.13 

250 

1962* J F HXHS6X * 5-25:1/4 98 7/S 
100J0 14.626 12/ V1997 Q ‘ 

99 3/8 

16U6 

100 

100.0 

1981* MEDCACS IK DOHC *6(1/4 98 V* 
100.00 14.938 11/ 7/1589 S 

92 

17.73 

23 

1979 MLTX COHZSMX 6.5H/4 96 

100. DO 16.J75 19/12/1984 3 

ST 

16U2 

200 

1979 E1CD0KAL TO 6-15:17* 96 V4 
100-00 16.313 25/ 7/1986 S 

99 V8 

15-13 

IOO 

1981 EACIOHAL TO 3.5:17* 96 V* 

100.00 16.623 24/ 6/1984 S 

98 5/8 

15 JS 

125 

1981 SACIOCAL TO *91 3. 5:1/4 9$ 
100.00 15.313 23/ 3/1988 8 

9* 

16.42 

130 

1981* BAaOttL TO K84/SP V* 95 3/4 
200.00 15.25 5/1V199P S 

95 5/8- 

16J1 

100 

1977 XIOOBl PIE >83(2) Oil 98 5/8 
lOOJO 15U75 5/ 1/1993 S 

97 

1U) 

30 

1981 EAT SC casasa * 5.25:1/4 98 VS 
200.00 13.373 “-/ 3/1988 S 

98 3/S 

14.99 

150 

1978 EinDKAL BEST 5.5:1/4 100 3/8 
100.00 K.873 21/ 8/1990 S 

97 7/S 

26.73 

173 

1981* EATTOAL WEST * 5.23:1/* 90 1/2 
100.06 15-188 15/ 7/1991 8 

99 1/2 

14-82 

100 

1980 EATIOKA7. BEST * 5.25:1/4 98 7/8 
lOOJO 15.488 75/10/1992 £ 

99 5/S 

15-81 

100 

1979 EAX20UL BEST • 5.25U/4 99 1/* 
U0.00 13.938 1 If *1139* 3 

99 VZ 

15U3 

100 

1999 EAH0B4L TEL * 5.25:1/4 991/2 
100.00 15.688 16/10/1986 S 

98 VS 

15.08 

375 

1982* HAT DES OIBK 5. 75:1/4 98 7/S 
100.00 15.75 21/ 4/1990 £ 

98 7/8 

UUS 

30 

I960 SEDCTUA.TO 3.3: 1/4 97 V* 

100.00 15.00 4/12/19SB 0 

96 

16.21 

350 

1982* EDI XZALASD 3.25:1/8 99 1/8 

100.00 1S-S43 7/ 4/1987 8 

99 3/4 

13.35 

20 

1978 KXPPOff Cimir 5.73:1/4 IM 
100.00 15.188 13/ 3/1983 S 

99 1/2 

13US 

30 

1978 HIPPOS CBEDLt If! 5-5: 1/4 100 l/£ 
100.00 16.623 22/12/1983 £ 

99 1/8 

15.64 

50 

1979 HIPPOS CREDIT IE 6-S.-1/8 99 5/8 
lDO.DO 15.375 12/ 7/1986 8 

98 1/4 

15.01 

30 

1980 ufpos aairr s.Uii/a 99 V* 

100.00 13.063 6/ 2/1987 Q 

99 5/S 

15*43 

30 

1980 ElPPOKCaPIT 3-25(1/4 99 3/8 
100.00 15.30 ■ 11/12/1988 S 

97 V* 

16JQ 

50 

1382* HnrOF OE0ET, S-25iVS 99 V* 
lOOJO 16J63 10/ 2/1980 8 


15.73 40 

17.14 :oo 
100J 
17.18 IS) 
150.0 
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13-49 25 

15.13 in 

15- 04 100 

16- 12 J25 


15-93 

100 

M.7J 

SO 

17.17 

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16.73 

25 

20 J 

24-93 

50 

*5.0 

15.19 

30 

15-36 

75 

16-33 

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16-69 

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14UI 

100 

13J7 

100 

15.35 

•70 

15-39 

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3A.0 

14-37 

50 

46.0 

15-91 

73 

73.0 

1A.S6 

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*8.0 

14-66 

20 

15.03 

60 

15 -36 

50 

13-16 

100 

16.73 

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13*32 

20 

15*16 

150 

15-73 

30 

56.0 

14-79 

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15-20 

25 

17.06 

SO 

16J6 

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17-27 

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16.12 

75 

15.93 

100 

16.10 

30 

15.63 

30 

16.81 

30 

15.26 

20 

15 JS 

35 

164*6 iso 

15.77 

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15.93 

130 

15J5 

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85 

15.19 

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16-54 

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15-43 

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15.10 

100 

13.56 

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30 


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5981* KSBXC XST US* .5.5: 1/4. 98 5 it 
ICO.OO 15.35. 6/11/ 1991 5 

H7» ' onsKniE 2Txss* i/* 99 3/* 

280.00 13-25 19/ 7/1986 S 

1381* GZTSKECimr - 5.23:1/4 M if* 

100.00 14-8x5 2/12/1991 s 

i98i omuiatn 3.a:i/s 991/8 
133-00 14-875 18/ 3/1984 s 

1991* OSTEEK TOU3BE }.:5:!/A 38 5ft 
ICO.OO 13.375 4/11/19*9 S 

1*79 JEHMJOS HfUDOT 7:1/4 97 5/8 
ICO.OO 16.23 24/ 1/1984 S 

1981* ItOUXEC Z91— 3 5.23:1/4 96 1/2 

100.00 - 16.361 14/ 8/2988 S. 

1981 KIUEZOS ESC BfiB 6lV* 94 1/8 

109.00 15-68* 2/4/1991 8 

1979 wumns.ur o-s-.'J* 97 3/4 
1C3-00 15.73 18/10/1988 S 

1979 PICA , 7*1/2 *9-3/8 

10C-00 16.438 */ 2/1986 6 

lWI*POFT-MH J3C 1A8 * Sil/4 99 

100.00 13.513 17/12/1991 £ 

1977 BXHBDKt 14SE4 6: 1-1/4 9l 
9S.CH 16.03 6/ 1/1583 S 

1578 &nUK& SAHKA 8:7/8 *9 1/4 

lag.ao n.» 2VIVU66 s 

1976 TOTAL 1A9E-SC0I 7.75(1/4 99 3/4 

100.00 14.543 6/ 5/19*3 S 

1579 SO? SCT 138(2}* 5.25:3/6 99 7/* 

100.00 13-938 11/ 7/1996 Q 

1982* SOU BSTSE 187 6(1/4 98 

100.30 14- MS 15/5/1989 S 

1981* 84SQL TXT BIB 5-25:1/* 99 
100.00 15.113 26/ 9/1985 S 

1981* SB7TXAEB TST 5.25:1/8 9* 3/6 
100.00 15-375 23/ 3/1992 S 

1981* EEC PACIFIC 1*8 5.23:1/* 98 7/S 
100.00 15.00 26/11/1991 E 

1961* S.F.E. m W7 5. 5:1/4 SS 
ICO.OO 14.75 15/11/196* 6. 

197* M-T-I- 8:3/4 100 1/2 

100.00 16.188 5/ 6/19*1 6 

I960 UT.T.E. 6. 5:1/4 98 1/2 

100.00 15.312 15/ 3/1916 S 

2982- SJ.I.I. 190-2 6:1/6 97 
100.00 14.50 10/ 3/1939 S 

‘I960 S.T-T.E. 6.5: 1/4 9* 3/S 

ioe.00 15.188 2/ 7/1990 S 

1979 S0C CSST UK BOOK <.5:1/4 99 1/8 
109-00 15. £58 -3/10/1987 S 

1977 TjQCTTTT SHE * 3/8 99 7/S 

ICO.OO 16*063 1/10/1966 S 

1979 SOCTEEE EES • 5.2511/6 99 2/8 
ICO .80 15.625 C/ 7/1991 Q 

1981* SOMES H85/BS- 5-25:1/3 SS 7/8 

lOOJO . 15.25 22/ 7/1991 S 

19*2* LOCI FIB OS E90 5.25: 1/4 99 

100.00 15.313 1/ 3/1995 6 

1979 MBB1 m *■ 5.75:1/4 98 7/8 

300.00 15. IBB 13/ 7/1989 E 

19*2* 5J.C.I. 5JS 98 

100.00 14.813 28/ 4/1986 Q 

1979 WBLH4CB 7.5:1 100 1/6 

100.00 19.875 15/ 2/1991 8 

1978 tCHATHM 886(27 7.25:3/4 99 7/S 

100.00 15.75 7/12/1992 S 

I960 SE6BESASEES 6:1/4 99 3/8 

100.00 16JU 19/12/1987 S 

I960 5X4*040 BE TS-EX 3/8 99 
100.00 15.438 16/ 9/1985 S 

1977 SXUME9 GKAAI 6.25:1/4 99 1/2 

100.00 16.875 31/ 3/I9SA S 

1976 awnim CHART 5. 5:1/ A 99 7/6 
,100.00 ! 6.668 ■ 10/ S/1990 S 

1980 STANDARD CHART 5.25:1/4 99 5/6 

100.00 14.75 6/ 3/1990 S 

1961* 2TAFDAVD Chau 3.25:1/6 H 1/2 
100.00 14.875 16/11/1991 2 

1960 STATE K TBDIA 6.75:1/4 90 I/O 
. 100.00 lt.875 3/ 5/1967 S 

1981* Kvrran to 5.5:l/s 99 1/2 
100.00 16.00 4/ S/19B6 S 

1979 sarraro beavt a.5:i/4 99 1/2 

ICO.OO 15.313 13/ 9/1964 Q 

1978 SUEDSVAILSBAVm 6:1/4 99 S/S 

100.00 15.686 -4/10/1983 S 

i960 59EXSK4 3A5DH51E 5:1/4 99 5/S 
ICO.OO 15.25 111 1/1987 S 

1980 SSna.KXKSOK 5-25:1/4 99 1/4 

100.00 16075 19/12/196* * 

!W2»8HEDOF 7tB7 * 5.25:1/4 99 1/S 
100.00 15.313 26/ 2/1589 S 

1979 SEDER. KZEGDW* 1/4 99 ' 

100.00 15.688 18/10/1991 Q 

198?* SHSDT5H EXP CUD W S.25 9S 1/4 
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1981* XGSA . S-S:J/4 93 

100.00 16.813 27/ 7/19*9 S 
1979 TEXAS 1ST AZE CAP 7:3/4 SS 

300.00 16.50 11/ 4/1984 Q 

1979 Z8AI PAUSE XEC 7.15:1/4 99 5/S 

100.00 ; 16.938 21/ 6/1914 S 

1979 TEAIU5B.UKOWK 7:1/4 99 3/4 

100.00 15.312 15/ 3/1984 S 

1982* XDMUO-OOIH'E 5.25: 1/« 98 7/8 

300.00 14.373 11/ 2/1992 S 

1979 HADE SIT US SEEP 6:1/4 99 1/2 

100.00 15.563 21/ 1/1986 S 

1979 290 POSES (B-L0CE1 9:1/4 9*'3/4 — 

300.00 14-875 24/ 5/1991 S 


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8.55 1/ 2/1983 

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9-TS 13/ 4/1484 
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9.10 - 1/ 8/1982 
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10*00 1/ 8/1986 

lASAL.cnror Ease 

10.00 1/ 7/1996 
7091101 AJMBXXC* or 

9.25 30/ 4/1985 


1976. 
10600 
1977 
100 J0 
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30000 

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200.00 

1911* 

99.U 

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100.50 

1477 

100.00 

1977 

9900 

1976 
99-50 

1975 
1O0OO 

1977 
100.00 

1976 

100.00 

1976 

100-00 


1080 

99.75 

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100.00 

14*1* 

99.30 

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10000 

19*1* 

100.00 

1977 

100.00 


1985* 

10000 

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100.00 

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100.00 

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99J0 

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100.00 

1476 

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9900 

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94.50 
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98.75 
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100.00 

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100.00 

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100.00 

1475 
200.00 

1975 
100.25 

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99.50 

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99.25 

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100.00 

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100.00 

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100.50 

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100.00 

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100.00 

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200. 0 0 

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100.00 

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100.00 

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100.00 

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99.25 

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100.00 

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100.00 


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10.00 1/ 6/1949 

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17.00 15/ 3/1999 
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17.50 1/ 2/1987 

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17.75 25/ 3/1987 

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9.50 15/ 3/1903 

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14.25 17/ 6/1988 

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99.50 9.75 1/ n«J 

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100-00 16.75 a/ 4,1083 

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99-50 

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99.25 
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99-75 

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99.00 8.25 ' 1/ 1/1986 

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100.00 11.00 1/ 3/1987 . 

1979 ISXtSCB-OBDBIBCSCM EXPO 
99-50 0.75 1/11/1986 

11S0 nusa-caonsescu im 
99.25 9.75 1/.9/1M7 


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99.75 

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100.00 


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99.00 9.30 13/ -9/1984 

so 

21.74 11.88 

100 

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99.50 10-00 13/ 7/1M7 

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75 i«"a oao.eiTt op 

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100.00 6 JO 16/ 6/13*7 

76 um MS 

17.22 

1979 

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aor-tmuMimt-msni 

9.75 IV 5/1986 

SZ 1/S 16.72 12JZ 

6 

1979 
99 JS 

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8 JO 1VU/1987 

81 5/8 12.99 9U0 


1975 ASUS T2XUCB 

99-50 8.25 20/10/190 

O 981ft 14-17 BUS 


16.08 UUf 250 


1979 
100.50 

1981 

100.25 

1980 
100 JO 

1973 

99-50 

1980 
100 JO 

1981 


9-75. 18/ 4/1987 
tong* eze 

14-75 13/ 3/1586 

BU.C.1>. 

13-125- 19/ 6/1985 
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8.00 15/ 6/1988 

(*M*( . 9 .1 HIE w or 

12U75 Z J 0/1983 


9-30 28/ 5/19*5 

LO-OO 3/11/13*7 

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10/ 2/15*4 
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9.25 

xscati 

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94 3/8 12-06 9.99 

94 7/8 UUS 10-24 

95 1/8 11.79 10.75 
10O 7/8 1T.7S 11-65 

96 3/S 13.15 9.79 


5U6 230 


500 

100 

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100 

64.0 
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32.0 
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70 J 
400 


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250-0 

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14.625 tf 4/1986 

1981 

ATX TRANCE 


98 5/8 Un5 UUZ 

150 

1(79 

Tmir. nrr. vittot 

100.00 

14.30 

IV 4/1986 


99.75 

9.373 IV 3/1987 

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14.50 

6 0/6 TO 

30/ 4/1386 

9* 7/t 16 JS 15.26 

130 

1960 

lOOJO 

BADDIBT EE 4 TBBSZ CO 
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1961 

100.00 

104.! 

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25/ 3/1986 

94 V4 16-41 15-30 

100 

1978 

100.00 

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10.00 • 17/11/1985 


1972 SU.T. lirJXir 


98-30 

1972 

100.00 

1972 

100.00 

1*72 

100.00 


1V1V1987 
lAmCA 
V 5/1987 
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1/ 8/1987 
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30/ 9/1987 


66 3/8 17.54 11*26 

20.49 

71 1/2 16.48 10U9 
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67 1/4 17.79 U.U 

21.12 

62 V4 19 JS U.U 
27.83 


13.873 16/12/1983 


167 


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3.75 1/ 2/19*6 

POSEK tEURm <10 
9.00 13/ 9/13*4 

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9.623 10/ 5/1946 


5J 99.75 9.75 10/ 4/19*9 


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1980 en-attEIEELL BOLL 
100.00 14J3 ' 28/1V19 


vs 


50 

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99 3/4 UJO 10.28 

11 

11 J 

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101 5/S 9 US IMS 

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1975 

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95.50 12.00 15/ 6/1386 

104 7/S 10J3 U-44 

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1973 

100.00 

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99.75 8.15 1/ w/1931 

99 5/8 S.70 BUS 

15 

7.1 

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100.00 

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ZOO 1/4 11.13 U JS 

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73 V4.1S.40 13-22 

92 5/8 17-33 15-92 

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100.00 . 8-25 W1982 

tSo^TSi 1VV1M6 

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190.00 - 8.75 1/11/ was 

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99-30 BUS 1VV1993 

1980 ESkflPZAH SEVESOUXS SXSC 10L 3/6 - 6-44 SUO 
99.50 8.75 1V1V1990 

983/6 1.69 708 
1021/4 SUO CUB 
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1977 mtfll BABE 
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1977 jnxvisrEUC04au.m 93 1/9 la-46 yno 

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1976 UMMMi nnu Kt 8*- 7J8 13-M 10JI 

99-75 SUO 15/ A/19S6 

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99.00 9 JO 1/ 4/ 1937 

1978 3Q0B SC9T ZOar __ 

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1978 canaucsE iEU»m ) 
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14JS ' . 480 J 
Cf If A Z3U2 10.52' 600 
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16.18 

87 10.29 7-76 

12.47 

78 12.78 10J7 

14U8 

76 3/4 13.73 0.12 
17U3 

> 83 3/8 12.17 SUO 

83 V* 12.02 9-91 

76 5/8 13-52 0.U 
18.77 ■ 

96 1/4 l?-nt 11U0. 

102 12.50 UUS 

74 5/8 14-00 9J5 
20.17 

U 1/t 11.32 9JO 

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> U.U 

100 vs 12-41 UUS 
12.41 

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> UJA 

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> 13.21 

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93 3/S U.U Ud 
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80 3/4 12.20 SUO 
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99.30 12-23 17/ 6/1988 

1972 E O RDMA H COAL St STEEL 

99.00 6.75 15/12/1987 

1973 EOOPfilS COAL C 1TEEL 

99.00 7 JO IV 3/1985 

1973 EB0FUH COAL .8 EXCEL 

■ 58.25 7 JO 1/ 7/1988 

1973 ESBOPIAir GOAL « STEEL 
98.50 7.25 20/12/1988 

1971 BUMP COAL 6 STEEL 
IDS JO 7-75 IV 8/1983 

1975 EBIUNJOr C04LU STEEL 

200.00 .7.75 27/ 7/1988 

- 1928 -mtflPIM COAL 8 STEEL 

99-25 7.75 20/10/1988 

1977 8QUFEAH COAL 4 rrrzr. 

100.00 8 JO 3V 5 /l 987 

1979 EW)IE«]f COALnnBL 

99-75 8.75 Stf 9/1987 

1973 BDBDFUK GOAL 8 STEEL 0 96 3/8 10-57 

39.25 9.00 U/V1M3- 11S 

1976 EBSOPUE COAL » STEEL B 1(7(1 11.03 ■ jt 

IM JO 9.30. . 3/11/1984 

1980 - nmPEAH COAL 6 STEEL 93 7/S II -21 10 J* 

99.00 10.00 20/ 3/1890 UUO 

1977 aMiaxmtttKUR 17 7/8 9.70 7.68 

99.00 6.75 13/12 / 1987 11.83 

J*i nwrsAs anEswerr ease m i/s 9.29 7ua 

91.00 J-00 1V1V13M Il.Ot 

1973 BBOKA* tmmblUK 75 7/1 13.37 |0t 
98-iO 7.00 U 2/19(8 17.79 

19U StUVEAE XE VE SD UU B UEE 75 7/8 13.10 9-23 

90.25 _ 7.00 U 6/19S8 1SJV 

»7> zosonAE Dnuoan uk m i/z ous tuz 

99U0 7.00 V 8/1968 . U.20 

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lop*» . ■ 4.00 vvinx 

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100.00 6-75 IV V1983 


USD zooms snussK UK s ui uns lour 

UOJO 9*35 25/ 1/1981 

M 3/8 imwji 

99-00 11.30 V 6/1988 

U73 casnanotn 

99-25 . 6.73 V 9/1987 

U7Z XEDOST jraHB OP YTplAHD 


21-59 
13UI MO 
19.65 


7.00 13/10/1987 


98-30 
1976 

100.00 - 8.30 ‘ 18/ 3/10*1 

1975 XStnOKHU-nuiKI 
100.00 '* 9.00 .13/ 4/1985 
1972 "Xsr ”)**»■ »■<»« 
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•Financial Times Tuesday July 13 19S2 

30th JUNE'198^ : - 


Wes tLB Euro-Deutschmarkbond Quotations and yields 


Advertisement 


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7>j% Afoamina. 77-/84 **■■ 

®*a% Argentina 78/65 

6’:% Aigantne 7B/B8 ; ..... 

7*3% Argentine '79/89 

7% AS&n'Dev.-Bfc.HH/M '-t?- - '- *; 
7V.i Asian Daw. Bank 76/83 PP 
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io% Asian' Dev.. _Bk,. 81 /ffi ........ . 

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9**% Asisn Daw. Bk. 82/32 ....... 

7*s% AumB r 73/88 fG) '....i. ..". .... ■ 

9% Aumar 7B/B4 (Q) .... 

7V. Aumar 77/04 fG) . 

6 **% Australia 67/8? 

6VA Australia 68/33 .....i.^. u '.... U _..' 

&*=% Australia 89/84 

7 s * V. Australia B9/84~ — u,;. .._.' .' 

7% Auatrahs 72/87-_ 

7» 4 % Australia 76/83 — «.«.»_.. 

5*«% Australia 70/82. PP ...:.. '.».■••• 

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8% Auairaiia 78/88? . — — — .. 

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8‘,% Australis 80/30 1 — '■ 

9VA Australia 82/93^ «.l ..1 

9*«% Australia" 81/91 . — '" 

61.% Austr.-lRd, Daw. Carp'. 72/87 

6V.V R 8 p. ol Austria 89/83 

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8V/. Rip. of Austria 75/03 PP ....J 

8*1% .Rep. .-of -Austria 75/87 

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7% Rep. of. Austria 77 /ST PP 

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8VV. Rep. ol Austria 80/® PP 

8*4% hep. of Adstna 80/90 PP A 

Rep. of.Austtia 80/90 PP. «„•••••', 

8t,% W. Of Austria 80/32. ... - ; 


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7*4 *; Autopistia' Espanala 78/85 PP (G) ... 


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.. r :• r. [ 5 yearSfiTiaturity; 930% V: 


-■ -v 1 


7»4% ^snco N. ..DaaanaUg J$W. 1G) .t*-«- 
8% Banco N. Otaraa W/Wjfij • 

7V!t.av.co H. Obraa MW.® 

7% banco N. Obraa 77782 PP (G) ......— 

7*M,^anQ0 N. -Obraa .77/aA..tG) 

5V% Ski America Ovara.sFin. 78/90 .......... 

6% -BMik.-ol Tokyo 73 /8& PP . 

8*."/. Bank of Tokyo 82/87PP-™ ----- . 

74% .panqua Ext. Afg«Ha;77/83 

74% Banqua E*t. Algeria 78/85 

74%.flanque .Nat. Algana 78/83 • aassao««a*B ■ 

lOVC Banturai 82/90 

64% Barclays. Ovars. inyl 79/BB — ■ — , 

84% Barclays Ovars. Imf;r_82/B4 

8% 'Badow fland Inv. 78/B2 I PP ..... — — 

87. Barlow Rand inv. 7B/82 U PP '■ — 1 

74% tiBC Fin'anfes 76/83 PP ' 

8",". 8eccham Fin. 76/83 - 

104% BWSalsetric Fm. 81/88 w.>.- T j;..* r '«s , 
11% BalgaWrctrlc Fin. 81/M 

947. Bansficiaf Overs. 82/B9 ... 

B47. Bergen 75/8S 

74% Bergen 77/89 - 

B4% BFCE 75/83 (G) 

84% BFCE 7B/B4 (G) ••■•aesaaaaasvaMsaoaMesga 

7% BFCE 77/87 (G) 

B4% BFCE 78/88 (G) - 

74% BFCE 80/87 (G) 

84% BFCE 80/95 (G) 

84% BNDE 77/87 - 

64% BNDE 78/88 

91*% BNDE 80/88 

64% Borragaerd 77/84 PP •— — — 

B4% Bowatar int. F in. B2/89 ™ _ 
84% BiSscan-'Tn'tT. "73/Sa 

64% Br|*i(' : ^?B7 — q— r-"»- 

84% Brjrail.i 78/88 

74% Br#*lt 7.77784 — — — * 

64% BxitiL— 78^65 

74% Brazil 79/87 
0*.o Brazil 79/B7^j.jr..U»— 

94% Brazil 80/88 - 

64% Branjw 66/83 (G ’ 

54% Brtixa|fss-Un^l5 77/84 PP 

84% Burmalt Oil 70/85 * 

44% Canada 78/83 — — 

5% Canada 78/84 

84*.;' Canada .82/89 
6% Carlaba'rg-Tuborg 77/87 - PP 

84%'.CXjE.-t, 75/85 (G) ; 

B4% C.C.C.E. 76/86 (GJ — 

7%. C.C.C.E; 77/8# fG) — 

PsSt CECA 05/83 

74% CECA 71/86 .....i.-.— ■— •*rr— 
6»j% CECA 72/87 

7% CECA 72/85 ‘......4..-..—^—:: fc 

6>r% CECA' 73/88 .,. 

74% ttCA 73/P8 * ■ .* 

8% CECA .75/82 , 

8*,%' CECA 75/B5 .....—, ?•; — 

74%. CECA 7S/B3. 

74% CECA 76/86 V 

B% JCECA 78/^ 

6**% CECA 78/90 

6% CECA 78/90, pP ■vr/’ "- - 

7% 'CECA :79/31 —• — — 

flt,%- -CECA" so/88----— — ■•-‘•“‘f; 

74% CECA 80/90^ 

7»,% CECA -80/82 

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*7% §SP “/W S’ 

8%. Cbaaa Manhattan Ov. th/jm .......... 

64% CIBA-GEIGY «. 7” Jr. 

6*;% C.N. Auioroutts68/Wl J«1 ” • 

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fl.% Com slop 71/86 -..Ai.--..—. 

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74%' Com. Fad.' Elaetr. 77/&£ 

64% Com- Fed- E'actr- W88 • 

■*1%' Com. F4ri K E,8 ? r .' o^'^’pp ’--— ■■ 
5% Commerzbank Int I. ja/9* rr ... 

44% Cbmo-". F.- OM^ eh * i *: 2$. pp ‘ 

5% Comp- F - Dainachs ' ® k ; ■ 7B » , . . 

6>i% Comp. Franc.Pii‘f- 

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54% CopanhaBO" 

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74% Copenhagen TVBe-.; v.-. 

6% Copenhagen T8/90— — 

7% Cauncit Pi Europe 

Council, o* Europe- T*” 83 •• 

74% Council of Eurcmo T^l 53 

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8% Credit Nation*' Tj/M Ly 7c j ; 

54% C-*dit Nation^ JJ Jf _ 

Credit Naoonel 78. 83 _ •___ 

9% CVRD 78-2* — *"• - 

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54% Oailhowa A*P*f 
0*.; Danis# Export 77/8Z 

54%-D*nW»'^xP«* 

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64% Denmark 72/57 

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8% Denmark W.JJ 

84 % -"Denmark 77/B3 ■ ' __ 

7**% Denmark. 77/87 

54% Dwnmart ‘78,’d4 

6% .Denmark 78/88 "V 

• S4% r Damiwni -79/55 

64% Danmark 79/85 

7V% Oanmai*- -* 1 ^ 

B4% Denmefk .80/82 

94% Denmark 'W/90 PP 


77JB0 ' 8.31 
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3. 1 2 • 1.'4.79r-^D 

■3. IB J.JU79-88P 

0.46 IS. 12-82 . 

■1.73 -> 1. 4.78-«Or 

1.25 1.10.83 

2.70 • 1.10.82— 66D 

6J3 • 1.11J8- - ■ 

S.54- • • -1,4^5^-880 ■ 

4 J4 ' •" 1. 8.83— BOD 

e.Tir . ..-is. 4.844910 ‘ 

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7.50 ; 2. 1.90 
-■6.43 2. 9.85— BSD . 

6.58 r>- ■ J. 3.87^-81 D i 
.4.55; -..20,1.87 

7.82 20. 1.87—64 •- 

-5.33 - •. 1.11^3(82^7) . 

II. 17 ' I- 9.B4-93S 

2.00 % 7.75-S4S ■ 

3J5 ' 1.10JS " 

•1.15 - .1, 3.76-84D ' 

1.07 1. 2.75—^840 

1.33 T.11.74— 83S * 

3.25 ' 1. 10.76— KS 

■0.79 - 16. A S3 - • 

4.67 1. 3.87 

5.46 • • 16.12.87 

9.82 : - 1. 5^2 

3.82 1. 6.77-^BeS 

0.17 tfue 1. 8.82 ' 


10% Ofpmsrtt 82. 88 - 

10>«% DtafMlk 52/ » ...... 


isnfMtk 52/92 ....--...V./- 


■98.75 

87.30 
■80.50 
87.76 
88.75 
88.90-" 
88.50 

93.00 
-81.50 
100.25 ' ' 

103.50 . 
102.50' 
102.70. 

97.60 

92.75. 

88.75 

95.00 

89.00 • 

98.50 - 
97.80 

98.30 

35.00 
- 98.66 

38.00 

85J5 

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81 SO 

88.50 
99 .55 
‘97 SO . ' 

90 JS 
$4.00. 

84.00 
91.00 . 

; 84.15 

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7.87 
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1 .11J2— 85D . 
.. 7. A841-BW3 
..16. 6.89.... 

■ T. 1 M . 

. . Ir.5^3-- .. • 

." 1. T.B4 ■ 

• 1. 5J0r»S - 

• 1-. 7.04 ^ 

1. -1.77— «» : 
15,12-70— £40 ' 

2. "5,73-*3S . 
'1. 6.7S-84S - 
!.-•< BBS 
1.12.B1— 86S ■ 

• '.'L1«1— BOS • 

t. 7.79-^88 D 
. '1. -2.79-890 ' 

' T. 5J0— flSD ' 
1.12.83 T:' - 

. 1.1333—870 
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16-. 534-88D 
1.11.84-^880 
-1.11.34WS8D • 
1. S.K^hSSD 

• . ; %10;85— 89D' 

1.12.86—90 
18. 4-.8T— 91D. 
18.10.87-91 
16. 2."88— 92D . 
18. 6.88-i92D 
1. 7.-8»4«S 

* 1 .10.83—875 
7.B.93 :*• 

■" 16. 4.85-B9D' 

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.1,«.75tr84S 

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due 1. 9.82 

16^5.83 - *1 • .. 
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'--:-ir-2.8S ' 

1. 2-89- 
1 :-2«86. -" 


6**% Den Nciake- ln/3,. 77/89 "(G) . 

0% Dan Noraka.lnd. 78/30 (G) 

6*2% District Pane 69/84 (G) 

40**% EEC 81/93 ^ ' 

Vfr EEC 79/34 ... . 

7.VA EEC 78/80 k-mW _. 4 

Vk% EEC 82/94 -. :v 

a8U% Electr. > do. Franca 80/88 RP (Gi 
7% Betrobraa 77/B7 (G) . - 

6V4 aetrobrair 7S/B5 £G) 

7% E/atrobraa 78/87. (G) .V.."-’ 

- .GWU EM Aquitaine 78/88 

5V* Eikam 78/ss pp 

-6V% Ericsson -72/87' ..V...;...— 

5*2% ESCOM 68/83' (G) .... - 

-84% ESCOM 70/85 (G) V f a a (I'iAii AiH*M*i a 
9% ESCOM 71/86 (G) 

ESCOM 72/87 (G) 

7% ESCOM 73/B8 (G) ' 

8% ESCOM 78/84 PP (G)-. 

,8** 1 m„ESC 0M TO/84 .1 . PP (G) r . ■la y ij M iwfi 

«,% EscDM Tb/aa^Ji pp (G) 

. ..8%,ESC0M.90/K. ?P (fi> — - 

9^1%' ESCOM 1 80/97 . 

-9*a%. ESCOM 82/80 (G). — 

71%' ESTEL 73/88 •— 

84%. ESTEL 7S/85- : — 

94%' ESTEL 78/S3 "PP ' 

^4%. ESTEL 77/84.. PP .w.., : 

54% ESTEL 77/84 PPf 

6»«%- ESTEL -78/85 PP. ., — -■ 

7*"% ESTEL 79/86 PP .-L.—..: .' — 

84% ESTEL 73/86 PP — 

84% ESTEL 80/87 PP 

54%'Eunnom.- 77/87 — — •• 

6U%"EiJratoni 73/91 PP ...................... 

64%. Eu run m* *57/83 ?- 

ffi«% Eurofima 72/87 

64% Eurofima 73/88 : 

8% Eurofima 73/88 . — — 

8%' Eurofima -70/83 

64% Eurofima 77/87 PP ;-j- 

r 54%' Eurofima’ * 78/88 — : — -‘ m— 

54% Eurofima 78/88 PP . — — .• y 

64% Eurofima -73/83: s.-.l.-v-j... 

7%' Eurofima 79/84 1 PP -....* — •;• r— 

74% Eurofima "79/83 PP - — * 

,84% Eurofima. 80/87 PP — 

74% Eurofima 80/88 PP ^ 

104% Eurofima 81/91 — 

9% Eurofima 82/92 

• . 8% Europ. Inv.. flan* g/84, 

7*/ a * Europ. linw. Ban# 68/84 

. ,74V. Europ. (nv. BanJe-7|/86. r 

74%' Europ. inv. Bank 71/86 •* 

.84% Europ, Inv. Bank -72/87 — - 

6% Elirop. Inv. Bank 72/81 

..*4% Europ,. Iqv. Bfnk.73/Bft *- 

7% Europ. Inv. Ben k. 73/88 ...... 

"94% Europ. Inv." Bank. 75/83' S..... 

8% Europ. lqv. Bank 76/83 .. — -w 

. 74% Europ. Inv. Bank 76/83^ 

64% Europ. Inv.. Bank 76/84. ... r ' 

8% Europ. Inv. B*f|k 77/89 ' 1... ...... 

6% 1 Europ. Inv. Bank 78/88 1 PP 
'6% Europ. Inv. Bank. 78/88'1l PP — — 
54% Europ. Inv. Bank 78/90 —t- 

6% Europ. Inv. Bank 78/90 

74% Europ. Inv. Bank 79/89 

74% Europ. lav. Bank 79/89 PP — * 

64% Europ. Inv. Bank 79/91 ,... — ..... 

94% Europ. Inv. Bank 80/86 

• 74% Europ. Inv. Bank 80/90 

64% Europ. Inv. Bank 80/90 — 

9% Europ. Inv. Bank 80/57 -PR 

94% Europ. Inv. Bank 80/90 

•"94%-- Europ. Inv. Bank 80/90 — 

1ff4% Europ. Inv. Bank 81/91 

104% Europ. Inv. Bank 81/91 
104% Europ. Inv. Bank 81/91 ‘ II' 
“W4W-Europ,--Jn>c. .Sank 81/91 
10% Europ. Inv. Bttik 82/89 4 ... I...... 

'-10%'£urop, Inv,’- Bin# 82/92 

84% Europ. Inv. -Bank 82/32 ....:> 

84% 'Eurdplstaa 71/86 ‘(G) ...^ 1 .-.;,-.. ; .V... 

8% Europiatas 72/87 (G) 

•' 104% Farrovia 82/87. 

7% Finland 68/83 

,! 5V% Finland" 68/83. 

7% Finland .69/84 

' '74% ‘Finland '69/8*. - 

7% Finland 72/87 

8% .Finland 76/84; — — 

54% .Finland 78/83' PP : 

" ‘6% ' Finland 78/83 


•54% Finland . 78/86 .... 

•" 5% Finland 79/86 


10% Finland 81/89 - 

104% Finland 81/86 .1 

9J,% FJnland. .82/89 — 

84% Finn. Industriabank 80/90 (G) 

. .8%. Finq. Hommunal 71/83 (G) n 

10% Finn. Kommunal 82/92 (Gj 

• 6V>L;Foramftike 78/83 (GJ- 

54% Foramarjfs 78,-90 (G). 

84% Foremarka 80/87 (G) 

74% Francoto! 76/83 (G) 

84% Franco tel 77/84 PP (G) 

94% Gaz de Franco 82/02 (G) 

84% Gen. Zbk. Vienna 76/83 PP 

6% Gan. Zbk. Vienna 77/87 

74% Glrez. Vienna 76/83 

54% Glroz. Vienna 77/82 


. B.S5: 
7.73 - 
10.14 
a.48 ' 

‘ 9.50 
9.59 
9.58 ' 
9.04 ' 
9.15 • 
9.10 
■ 9.69 ' 
9.32 

8.29 
9.32 
9.27 1 
9.34 

9.29 . 
9-17 . 
9.44 . 
9.53 - 
9.58 • 
S-M 

9.14 - 
j’.#4® • 
9.18 •*• 
.10^9 . 
10.73 
^10.13 
9.22 ; 
9.92 
10.12 
11.54 '• 

7.65 
8.43 

10.96 ' 
9.90 
9.22 
8.99 
9.32 

9.66 
9.56 

10.00 : 

10.13 
9.9b 
8.79 
10.11 
9.69 
9.37 
10.13 
9 57 
10.E3 
9.39 
9A8 
9.96 


1. 5.80-89D 
. 1. S.0S-9OD ' 

l.'-Cra-nWD 
18.10.93 
1.11 AS— MD. 

' 1.4.83 
18. 4.77— 94D 
... 1-11,88. 

.1. 9^3(63-67) 
.1,4.86 
1-. 2.87 - 

15, 5.W-S8P 
1 . 6S4 — BSD . 

• - 1. 3j 76 — 87 S 
UO-Ta—aSD. 

' - ’ 1^4.7S-85D 
1 1. 3.77-«6D 

1. 9:78— S7D 
• 1, 5.79— S8D'- 

1 t.H«4- 

1. 8.B4 ' - 

■*'■• Vff.84" 

i: 8.84-670 
»-' : -Y.tVB7" " 

1. 6.90 • • 

"t. a;7S^aBS 
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, .1,31.84 ' 

* 1.1?^-840. 

" -. UlO^a, " 

\. E.S6 
15,12^6 
15. 6S7 
1,11.87. 

8. 2.84-91 D - 
1. 9.71— 83D 
1. 9.76— 07D 
1. 3.77— BSD 

■ 1.10.77— 880 

1. 2jia • 

1. 2.83 — 87D 
15. 2.B4— 85D 
1.11.85— 88D 
1. 2.65— BSD 
1.10.84 ' 

:• •- 1.10J7 ' 
-1.11.Bf7 " 

15. 1-68 • 
1.11.91 ' 

'15V' 492 
1. 3.75-840 
i:i1'.75— B*D 
1. 3.77— 86D 

• ; 1:10.77— 660 

1. 3.78— 87D 
■■ 1. S.80-87D 
1. 2.78— 83S 
V. 7.79— 68S 
1.-191— 83D 

■ 1.'7.B0— 83D 
•: 1.10.63 1 

1.12.81— 84D 

• 1. 8.82— BSD 
- 1. 8.B8 

• "15.11.88 

1. 3.85— 80D - 
■•* T.10.9DP. 

IV 8.89 
IV 8.89 .. 

1. 1.81 R . 

VV 5 .80 . • 

' 1. 8.90 

; 1 15.10.90 ■ . 

16.11.87 
• - t. SJSO ' 

. 1-12J0 , .. 
4,1191 •-. 

' . 1. 4.01 
•'15T8.BT • 

. ..;v16. -6.B1 ,. . 

. il. 189 - •/. 

,-.2.77— 86D 

’." 1* *1.78-^70 

•r: 1?.497 ■ 

•' f. 6.72-L83D 

""l;'T2.72— 33D 

2. 5.73— B4D 

• 1.10.73—94D 
'1. 4.78 — 67S 
1. -6.81-rS4S 
f. 2.83 ' 
T.12.83 ' ' 
1.2.88 . 

"16.12.86 

1. 5-89 . 

•* 1.1196 " 

1.. 499 

1.11.83 — 860 

2. 5.76— 63D 
2. 1 .88—02 • 

1.. 7.80— BSD 

16. 1.83-r90D 

. . 1.11.85— B7D 

• 16.10.83 

1. 4.84 
1. 4.90— 92D 
1. 954— 8SS 

1.12.83— 87D 
1.11.83 
1.10.82 


WestLB ^ 

Vjor currentprices and further informatio recall ■ 

ypr te : '- ; *r : r~yf JSssSjfe - ' nh 

■ TeiS h0He 

London- ' > 

Westdeutschelandesbank. Telephone 6385141 
Girozentrale - Tetex :: 8879.84 

1 London-Branch ... 

41,MDorgate . " * • 

London' EC2R'6AE/UK ’• • ■'* -' 

t.uxnhbouni • 1 * Honj Konfl '■ ?■ * wm m — ..* * - * ■ 

WestLB IntematianaLS JL WbbiLB A sia Litnitetf '*■ Tdapbone ^5B2JJB - 

-Ittebbora 4474143 " T3Q\ Hurchiabn House ' ^5142 

. ,Cteiloaa.L»aemboura . ■ “ . 28 31 __ Hongkong ' 


6^%'ttoba 77/87 (G) 

B**% Kobo' 78/8S (GJ 1, 

7*,% Kobe 79/89 . (G) .■ 

8% Kobo, 80/90 (G) J. 

7*4% Komipunl. Inst. 76/83 " " 

8% Kommuni,.tnet.. 78/64., 

9V.; Kopeahagen ffi/92".^ 1 

7*4% Korea Dav. Sank 77/64 (G) 

SVi Kubota fnt'k 77/82 PP 

5\%. Kvaernar Ind. 3/88- PP- ^ ,t 

6*4% Light-Servicos 78/88 (G) 

8*5 V. Light- Se nil coo 00/90 (C) j; 

Bt,% Lonrfip lotatsi. 30/01 I 

6H% LUtlhuns# Int'L 79/86 PP '. 

7% Malaysia- 72/84 J.....' 

6*a% Malaysia 77/K' 

9*4% Malmoa" 75/84 

■8**% TWSImoa 78/83- ' '1*.. * 4 . 

6»*% Manitobi. 77/84 

Wi"i Martij. Hydrd. El: 72/87 • 

6*4% Mpgal Pin. Comp. 78/90 

7% MagaJ Rd. 'CdnTp.i ^SS 

7% MEPC 73/88 

7V/. -Mexico T3/& 

8 L .; Mp*ico 76/83 

7i,% "Mdsito, 77/84 . . ; 

6%. Mexico 7B/B5 .. 

11% Mexico 81 /feS ...... 

6\% . Michel in Fipanca -' 86/87 . PP, W L‘. 

8*,% Midlind;Tnt;.ftn. 80/00 ' 

6*3% Mitsubishi Chemical. 79/84. 

5*4% Mluablshr' Potto 78/83 

9% MODO 75/83 

7% Montreal 69/89 ...: 

&% Mont real 72/82 ■■■■■■■■■■ 

6^% Montreal '73/93 

8*1% Mon treaj '76/86 -. 4' 

7% Montreal 77/87 

7*i% Mortg- Danmark 68/84 (G) 4.......... 

7% 'Moris. Denmark 73/88 /G) 

3*i% Mortg. Denmark 80/90 (G) 

1CPi% Mortg. Denmark 81/91,...—. 

6*«% Mortg. Bk. Finl. 69/84 (G) 

8*4% Nafi,- Mexico 76/83 PP (G) v 

7% Nafi. Mexico 77/82 PP (G) : ' 

81^6 Nafi. Mexico 77/64 (G) ' 

8\% Nafi. Mexico 77/84 PP (GV 

11% 'Nafi. Mexico 82/90 (GlZl V. 

6**% Nat." Bk: Hungary "77/85 

7% Nkt. Nederl. Fin. Maat^9/S6 PP 

E% Nar'f. Westm." Bfc.' 73/TO 

11% Piit'L Wostm. Bfc..S1/9i 

9».% Natl. Weatm. Sk- 82/92 

8% NBderi. Gasudie .79/8S' 

8*i% Nodari, Gasunia 80/87. 

5*4% New' Brunswick 72/87 

7*4 Newfoundland 89/84 • 

B% Newfoundland 71/66 ." 

6L% NcwfoundJand 72/87 . 

fi*,% Newfoundland 73/8 : 

6»«s; New -Zealand 69/B4 ■ : 

7l-% New Zealand 71/96 

7%' Now Zealand. 72/87 

7ij% Nav/ Zealand 76/83 

7*4% Now Zealand 76/86 ...: 

6^V» New Zealand 77/B* 

5*4% New Zealand 78/86 ...1: 

6% Now Zealand 79/86 PP 

6>4% New Zealand 79/87 ; • ■ 

7*,% New Zealand 7»/87 

8*4% New Zealand 79/34 PP ' 

7*i% New Zealand 80/88 ,.i, :. ii; 


Norcem" 78/85 


8*i% Norged.lComm.. .Bank. 30/85. (G) ... 
7% Norges ;KDmm. 'Bonk. 77/89 fG) ... 
6% Norgea Komr/i.. Bank. 77/89. -I "(G) 
6% Nbrges JCpm'mV Sank 77789' II (G) 
5% Nprae* Koram.- Bank 78/90 -fG) .. 
6*4% Norgec Komrn."Banlc 79/80 (GJ .. 
7\% Norges Kornm. Sanjt 79/89 0P (G) 
7*,% Norges JCoirnn. Bank' 79/91 (G) ,. 
8*4% Norges Korn m. -Bank 79/94 -(G) .. 
B*t% NorpiPb- 76/84 

8% Norpipa 76/88 

6% Norpipe 77/89 • 

7*4% Norsea ; Gas 76/88 

7% Nprsaa Gas .77/89 


S*% Norway. .77/82 V... 

4*«% Norway 78/83 • 

4V« Norway. 73/83 ’ 

6*4% Norway " 79/84' 

7**% Norway 80/85 

714% Norw. Mortgage 77/87 

6% Norw. Mortgage 77/88 

7V/* Nova Scotia 71/86 

7% Nova Scot. Powar 72/87 

SV% Nuclebras 80/88 (G) 

6V% Occident. Int. Fin. 78/90 

6*i% Occident. Ovars. 68/83 

8% Oester. Donaukr. 59/84 (G) 

6*% Oester. Donaukr. 73/B8 (G) 

8*4% Oester. Draukr. 75/85 (G) 

7% Oast. B. Wiraach. 67/87 fG) 

g*ai- Inv. Kredif. 79/84 PP 
•=.7% feat. Kontrofibank' 76/83 PPrfS) 



88.75 

8.35 

8.91 

2.42 


«:io 

8.28 ■’ 

'8,96 

6.04 


1Q3 s CO 

9y47 

9.16 

7.42 


93.50 

7.72 

10.74 

1.87 


95,85 

6.78 

9.14 

1.75 


'91.50 

6.28 

.8.94 

3.17 

"■■1 . 

{99.00 

7JS3 .. 

8.57 , 

1.25 


89160 

6.14 

i 8.31 

4.58 

"!r f 

.60,75 

6o34 

9.83 . 

■2.67. 


'92.00 

8.15 

9.92 

4.17 

■v.* ; 

-83,50 

5)35 . 

9.58 

- 1.58. 


90.25 

6.93 

' 9:64 

3.50 

■*r<. 

IKig 

8.33 ■ 
7.35 

. 7.35 
7.93 

• 1.7V. 
6.75 

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• 7.84* 

• 7.29 

see " 

90.00 

6.67 

■ 7.82 

7.42 

■ ■ 

rag. oo 

6:74 - 

■ 7-83 

8.0B 


90.95 

6.87 

- fi.OB 

6.50 

UJ 

•83.25 

7.01 " 

- 8.66 

7.12- 


94^5 

8.21 

‘ 8.68 

9.00 

,.: 4 

,96.35 

8.58' 

8.73 

12.46 


99.00 

• 8-59 . 

9.14 

1.58 


97.25 

8.23 

8.61 

5.92 

••••a 

84.50 

7.10 

8.96 ' 

7.33 


93^5 

7.77 

6. 65 

6.42 

>»u 

90.75 

7171' 

8 .82 

7.00 


102.25 

8.80 

7.97 

2.59 


98.50 

8.12 

8.33 

5.73 


92.80 

7.27 

8.15 

6.92 


87.90 

8’6B ' 

8.82 

9.90 


99.50 

5.78 

11.81 

0.06 


95.60 7.33 

96.15 7-28 .. 


1. SJff 
l. 7JBS 
1.10.89 
1. 7.90 

I. 4.B1-*3D 
15.10.77— 84D 

- 15. 6.85— 92S 

J. I2.W 
1.12.01— 82D 

. . 1. 3J4-8SD 

1. ' 5.86 ' 
"16.- 1.88— SOD 1 

2. ' 5t87 
•1. 3.86 

• 1. 6.75— B4D 
" 1.9.S5 
1. LSI -840. 
l.'o.HL-Sil) • 
1. 7.84 
1. 6.78— S7S - 
,2. 1.83— 90S 
" 1,.4.S7-a9P 
..1. 6.79— 88D 
1.. 1.79— 88S ' 
1. 5.B3 

• 1.-6.B4 
1. 4X5 

'16.12.83 
16.11^7 
15.10.90 
..30. 4.54 
1/9.33 
1. fi.80— S3D 
1. 4.70— BSD 
1. 9.73—020 
1. 6.74— 93S 
1. 7.77— 80S 

16. 7.78— 87S 

1.11.75— 84S 
1. 7.79— BUS 
1. 7.90 

1.11.91 

1. 4.73—545 

1.12.83 
due 1. 9.B2 

1. 3.34 
1. 3.64 
T.-3J0 
1.11.05 
1. 10.85 

1.10.79— 88? 

1.10.91 
1.1.92 
1.12:83— SS ' 
.1. 3.84—873 
1;11.7B—87S 
1. 8 1 75 — 343 
1. '8.77— 855 

1.11.75— 37S 
1. 4.S1— 88S 

1 . 2.75 — 840 
1. 5.77 — 86D 
1. 2.78— STD 
1. 3.83 

" 1.11.82— 36D 
. 1. 5.S4 
' 1. 3.86 
1. 2.86 
1, 1.87 

15. 9.87 

1.12.84 

"15. 7.68 
1. 12.89 

16. 5.84 
1. 4.84 

1. 9.85 . 

1.10.83 
' 1. 2.87 

■ - 1. 3.85 
U 9.86 
1. 2.64 
1. 1.86 

• 1.10.76— S5G 
IV 4 JO— 89S 

•' 16.10.80— 89S 

1.12.80— 89S 
.- 1. -&J1 — 80S 

T. 1.84— 89S 
16. 834 — 80S 
1. 7.84—915 
16.12.83— 045 
1. 2.80— 84S 

1. 6.83—835 

1.11.84— 89S 
1.12.83— 88S 
1. 7.84— 89S 
1. 3.80— 87D 
1. 4.83— 38S 
1. 6.83— 6SS 
1. 6.88— 92S 

due 1. 8.82 

1.1.83 
1. 4.83 
1. 4.84 

15. 1.85 

16. 5.83— STD 
16.11.32—890 

1.12.77— 8BD 

1.12.78— 87S 
16. 9.88 

1.12.85— 90S 
1.10.72— 83S 
1. 2.65— 840 
1. 3.79 — 88S 
1. 3.81— 8SD 

1. 2.73— S7D 
.. -16J3.83 . 


6%-Oest. Kontrallbank; 77/85. PP (G 


6% Oust. Kontroltbank 79/87 -pp (G) 

7^% Oast. KqiTtrolRjairk 79/89 

B% Opst. Kbntrollbank .79/84 0P (G) .... 
7*i%' Oast. Kqntroflbank- 70/86 PP--(G)-.'u 

□ «• n ir... ■ . ■ nn.ir, ’ ' 


? 6.13 

9.59 

3.00 

1. X® 9 

*6.96.- 

7.45 

•2^3: 

Vina# ;• 

:i ,29 i 

10.11 

1.42- » 

1.12,83 3 

."7.11 

10.27 

1.58 

1. Z84 r 

J^ai 

—9.96 

ZOO - 

- -.1, -7.84 — 1 

6.68 

9.84 

2.08 

.1. 8.84 

6.74 

10.02 

.3.33 

- 1.11.85 

. 6^2 . . 

..9-» 

. 2. OB 

1.-8-.B4 

■7.49 

9.31 

6.46 

16:12:88 

. 7.04 

10.16 

4.58 . 

. 1. Z87 

8.17 

9.27 

7.25 

1:10.89 

• 8:25 

9.40.. 

2.42.- 

. 1.12.84 

8.40 

B.64 

4.46 

16:12.86 

*8JT 

8:86 

4.58 

■ 1. 2.87 

B.86 

9.26 

2.7T 

15'. 3.85 


Leading ts/larketmakers in Eurobonds 


' 1. 2-92P, 
-■ 

1. 3.8B . 
"• 1 . 3/92' ■ 


Giro*. Vienna 78/86 PP 

8*i% Giro*. Vienna 79/84 PP .: 

S r «% Giroz. Vienna 80/37 PP' 

10*.% Giroz. Vienna^ 81/91 ...: .• 

6%'G.I.S. 78/83 PP 

7% Grand Matrop/ Fin. 77/84 .... 

■ 8% Guesi-K*M*Natli: 70>'83:i — 

81,% Hamanlay Iron 72/B7 ...;: — 

" 8*L% Hartma-Gumi 80/ffi PP 

7%. Halainkf. 68/83 i. 

‘ B 7 .%"Helairikr 82/92 

"9% HidxoelActr. Ibeclcjt. 80/90 

S»4% Hitachi Bhipbidg. 78/83 . — 

. 8*,% Honeywell Bull 80/90 

8*«%. IAKW. Vienna 75/85 fG) 

10% IBM 80/86 PP 

7VA Iceland 69/84 

. 7^%. Iceland 77/87 

S*»% Iceland 82/92 — 

■6*2% JCI Jnl'L 72/9i 

7*,% ICI Int'l. 76/86 

6*4% ICI Int’l. 77/87 

8% ICIPlf 71/91 fG} 

. 8%-lniBiran"Voima' 72/87 (GT 

7% Indonesia 78/84 Li'';’-.’ 

. 8% Ind. Dav. C. Sou ih.Afr. -78/83 PP (G) 

5% Industr. Bk. Japan 78/84 — 

7V& Ind. Fund. Of -Finland' 79/87 "PP 
. 7*a% Ind. Min. Dbv. Iran 73/85 

- 7^% ftd: Min. Dav. Iran 77/87 ...... ..V.... 

7*4% Ind. Min. Dev. Iran 78/84 

8%' Ind. Mtgebk. Finl. 71/86 fG) 

7% Ind. MtBebk. Finl. 72/87 fG)'... — - 

6*4% Int. Am. Devv Bank 68/83 , 

1 7% hit. Am. Dbv. -Bank ES/Sc , 

8*i% Int. Am. Dev:. Bank 70/85 

8%%- Int.' Am: Dey. Bank'TZ/'B? I 

6*4% Int. Am. Dbv. ‘B ank 72*87 (I ............ 

• • ; 8% Int. Arm Dev- Bank- 76/83= PP %-i™. '... 

8*4% Int. Am. Dev. Bank 76/83 pP 

7% ftrt. Am'. Dfcv; Bank -77/87 

6S*% ini. Am. Dav.. Bank 70/88 .... — 

'7*4*/. Int. Am. Dev.: Bank 79-/ B6. 

, 8% Int. Am- Dev.. Bank 73/89 PP 

’8% Int.' Am. Dav. Bank 80/88 

1.0% Int.. Am- Dev. Bank 81/91 
10*4% int. Am. Dev. Bank 81/91 

• .9% int. Am» Dav. Bank 82.A2 

' 6*4% Ini’i. Com'l- Bank .73/83' 

.- 7*i%' Ireland- -79.87 PP — — 

8*s% Ireland 80/83 — . 

■ •- 10y% Ireland' 81 .■‘86 — 

7V;; IS COR 71/36 fG) 

- *7% ISCO? 72/87 lG) 

7% ISCOR 73.88 fG) 

8*2% ISCOR 73/88 fG) 

gy,; iscor TS.'SJ pp (G) 

■■■ 7% Japan 68/B3 ■ - 

8*f% Japan Air Linaa 80/87 fG) — 

'TJ 4 %* Japan Dev! Bank 76/83 fG) 

Japan Dev. Bank 80/87 (G)_... 

10*4% Japan Synthetic 80/85 PP 
8%- Johsnneabufo 71/88 (G> 

6*4% Johannesburg '-72/S7 (G) '. — • 
7U% Jydsfe Telefen 69/®4 

. 6*4% Jvdek j>le|on gff7 

7*4% Jydsk Taleftn .*78/88-.-.;. 

8*a% Jydsk TeJefpn 80/90 

' 8VA Kansai BeetMt 89/84 

. 7*4% Kznsai Eloptnc 71/B8 

61*%' KELAG 73/88. — ..... 

6N% KHO FiqanM 72/87.^..^.,..*. 

7*1% Kjobenhavns>H. Bank 78/83 PP -..— l- 
7*.%- Kjobenhaww Tel. 72/87 

7"/o Kjobenhavrs Tel. 72/87 — . 

. 6*;% Kiobcnhavnq Tel.r 73/S8 

5% KLM Royal DOlcA Airl. 78/85 PP ; 

- '7’.; Kobe 

6*4"’. Kobe B9/B4 fG) 

7*4% Kotie 7Tj86 fG) — — 

Kobe 72/87 fGl V. — — - 

' 7V, i Kobe 76/03 (G) , ..... .... 


8&.5Q 

- 6.65 

- 9.77 

4.25 

04.00 

7.31 

' 10.13 

■Z12 • 

97.75 

9-03 

, 9.46 

4.92 

106.TO 

10.13 

9.70 

9.00 

96.75 

6.20. 

11.21 

0.67 

95.50 

7.33 

9.47 

■2tt8 

86.73 ' 

8.10 

' 9-56 

084 ' 

92 75 

7-28 

ssa 

■5.00 

97:50 • 

■ 8.07 

- 9.76 

2.98 

99 00 

7.07 

8.22 

'IlOO 

95.00 

•9 34 

-9.68 ’ 

9.92 " 

96.76 

9.40 

10.14 

4.89 

94,75 ' 

6.07 " 

9.73 

1.46 ' 

92.50 

9.05 

9.75 

808 

98,20 

8.91 

' 9.85 

l'8C 

103.75 

. 9.64 

8.76 

, 3 -S ■ 

9030 

7^8 

8.30 

'1.83 

94-50" 

-8.20 

9-21 

.-4.75 . ' 

96.00 

9.64 

8.90 

0.92 

87.75 

. 7.41 . 

839 

9.67 

96.25 

' 7.87 

9.17 

3.39 . 

93.70 

7.20 

9-04 

3.28 

91.75 

8.72 

10.77 

4:1 6 

97.75 

8.18 

8.60 

A50' 

89.50, 

7.82 " 

1Z0O 

Z25 

97.50 

• 8.21 

10.77 

1.00 ' 

94.75 

5.28" " 

8.85 

1.50 

92.00 

’ 8.02' ’ 

' 10.08 

.3.65 

85.40 

8.68 

' 13-57 

"2X3 

77.25 

' TO.MT 

14A5 ' 

•s.00 " 

60.00 

. 9.08 

19.12 

Z21 . 

96.50 ' 

a.29' " 

9.95 

.2.32 

83.75 

7.47 

'9.74 

2.91 

100.00 

8.75 

6.86 

1-.00 ' 

89 M 

7/Ot 

7.39 

. Z06 

100.40 

8.47 

8.39 

1.62 

97.75 1 

6.9T- 

•' 7.31 

4.92 

87.75 , 

6.91 

7.26 


08.75 1 

1 ' fi.lfl ' 

10.01 

,0.62 ’ 

38-50 

: BV» . 

9-?0 

\°9 

96.00 ■>" 730 

: 8.08 

*45o ' ' 

87.40 

. . 7,15 

9.26 

5-50., 

"2530 ' 

S.1Z 

9.14 

.4.00 . 

9Z75 

8,63- 

.. 9.46 

. -7.04 

95.75 

8.36 ', 

. B.96 

"5.59 

102.50 

0.75 

9.55 -8JS7 .- 

103.75 

9.88 

9.61 

9.37 ’ 

98.00 • 

9.18 

. 9.31 

.9:79 • - 

97.20 

6,94 

9.95 

■0.92 

91-50 

azo 

fi.78 

..4.83 

94.50 

6.60 

9.43 

5.50 

101.75 

9.95 

9.59 

4.46 * 

94 JS 

8J22 

. 3.77 

3.93 

9T.D0 

• 7;® • 

11.31 

2.64 ' 

88.55 

7.82 ' 

11.25 

3.01 

94.25 

9.0Z 

10.72 

3.13 

3430 

•8.73 

'11JJ6 

2.29 

39.25 " 

7JJ5 " 

' 8.32 

.067 

99.85 

. 8.14. 

. 8.14 

5.37 

98.70 

7.35 ' 

' 9.04 

0.7S 

96.75 

7.88 

- 8.42 

5.17 

•WifiD ' 

"10.2D 

“10.00 

2.77 

3SJBS 

8J5- 

958 

2.ev- 

8730 

7.1 T 

11.11 

3.06 

95.25 . 

.*3. 61 

952 . 

" * 21 - 

. 90.00 

. 7.C& "' 

7.79 

4.67 . 

" 96.90 

' 7,58 

’ S.1S - 

• 5J58 ' " 

94-00 

9.04 

9.63 

. 7^8 

97.50 

" 6^2 . 

8.55 

“1.67 

®jM» 

-> Wi. . 

. 0.37 


92.75 

7^8 ■ 

'8.36 

• 6,83 

94-. 50 

, 7.14 

-8.16 

4.84 

95.75 

7.70 

10.68 

• J1.42 - 

94.00 

7:98 

9.37 

.;- 4.50 . 

91.40 

7.66 

9.28 

5JJ3 

85.00 

' 7.58 • 

' 9.78 

5.75 

92J5 

5.42 

9.88 

nao 

lOI'.M 

“ 6.33 

554 - 

.. 092 • 

100.00 

6.75 

6 86 

! .i S3 

93.75 

’ 7-77 

7.81 

i-338- 

97.60 

6.92' 

7.35 

4:B3 • 

8S.90 

• “7.58 

8.77 

0-02 * 


. '1.1OJ0 
' 16. 6.84 ■ •* 
1. 6.87 
T. 7.91 

, l.-342-«W 
■J. 8.B1-J4S. 

• .2.6.83 

. 1. 7.78— 37S- 
10. 6.85 

1. 7.72— 03 S- 

T. 6.BT— 9ZS 
IV 8.84— 900 

• 1fi.12.fG . 

. 1. 9.90P ' 

1. 5.80— BSD 
1^ 4.ffi 
1. 6.73— 84S 
1. 4.80— 87S 
!. 6.92 
1. 3. 79— 92 S 
t.12.34— 88D 
-1. 5.84— 87D 
1. 1.77— 9fD 
. 1. 1.78-r87S 

1.10 34 ' 

' 1. 7^3 

1. 1A4 

"10. 9.B4— 07D 
1. 5.77— 855 
1. 7:S3— B2S 
16. 9^4 

- l.T2.77-r66D 

1. 7;78— 87D 
"1. 7.72-L83S 
IV 8. -73— 84S 
1. 9.7frJAaS 
1.6.73-^075 
1.11.78— B7S- 
"18. 2J3 : 
t. 7.83 
T.'V.B3— S7S 
.. '1^1.88 . 

T. 7.88 
IS. 7.83 
1. Z83 • 
1^--3<91 
15.11:91 
15. .4.92 . 

1. 6.79— S3 D 
1. 5.B7 ' 

1. 1.88 

- 15.12.86 

1. 6.77-LS60 
:: 1. 4.78-87D 
1. 3.79— BSD 

* T.l 1 . 79— 33D 
16.10.84 

I.' 3.72— 83S 
.16.11 J7 
1. 4.83 • 

.. 1. 3A7 . 

' K. 4.85 • 

• 1. 9.77 86D 
T. 9.78-^870 

, IS. 0.73— 845 

. . i..3.7B-87D 
-1.a-.78^8SD- 
, 1, .200 . 

.-f: 3.75— 84S 
.. 1..5J7— 86S 
TV 5.78-685 
. 2. 5,78— 37S 
:r.f2.83v •” 
- 2s 1.78— 37S 
Vi. 5.78— 87S 

- -1j 4.79—885 

1. 5.79— BSD 
. 1. 8.-72 — 835 
1. 5.73— S4S 
: 1.. 2.77— 855 
1.-5.78— 67S 

• ’•l.-8i83 ' 


=9% Oaat. K on troll ban 6 '88/87 PP 

-. 8*4% Oast. Jtontrollbank 00/92 ^ j. 

. 7\% ObaL Kontrallbank {0/88 PP fG) 

• 10*»% .Oaat. Konrrollbagfc -81/91 ^ 

. 9*4% Oaat. Kontroltbank 82/92 fG)'- ....'./.r 

.. ,S*»% Best. LBndarbank 77/82 ;; 

6*i% Onta ria '69/84 ' ...; L-._ 

6% Ontario 72/B7 ’ ..V. ...V 

7»*5t- Ontario ifydro 71/66 

6*1% Ohiariq -Hydro 72/ffr;,'....'......^. 

6*,%. Ontario "Hyd/a 73/88 

• 7*i% Oslo 69/84- ........ ;; 

. 74% Oslo 71/87' 

8*,% Oslo 73/SO 

" 8% Oslo 75/87-,..^«„.„^. t ...^. 

8*.%' Oslo SOflO' .' 

6V4 Pa pue.- 73/88- wa..' 4 — ,v 

6*4%' Psrkir-Hannifin’ 77/87 PP 

. 7*j% Parkei-Hannifinr^)®7 PP--....-4; .%• 

8*4% Pamax 76/83 .-. : 

-• 7% Psmioi' 77/84 

7% Pamax 78/86 : 

11% Pome* 82/90 V.. 

7% Patrebras 77/S4 

7% Pstrobras 78/88 ...... .....‘X....... 

8% PBtTobraa' 79/89 !... 

>*■% Philippine 77/84 .1. 

S»*% Philippina 78/85 

8*4% Philip Monts I nr. 82/90 V...1 „■ 

• 9*i% Philip Morris Int. 82/92 ..; 

B*j% Philips 02/92 - 

5*,% PK-Banken 78/08 

B*i% PoatipMkki 79/K : PP 1 

7*a% Privatbk. Copanfr. .'77/83- PP 

6*4% Pyhm Autobahn 77/89 (G) 

6*1%. Quabae 72/87-.^’...: ;.i — 

7S% Quebec <77/87 ....- 

7*4% Quebec 77/87 v — 

0% Quebec '78/90 

iov.v Q uebec 8T/81 — 

' W*,% Quebe'd 82;'92 1.... 

»% Quebec. Hydto- fit" 60/84* 

7*«% Quebec Hydro E| B9/84_ ", ;. 

8% Quebec Hydro '.El 7T/88- — 

6*a% Quebec Hydro. El. 72/87. 

B*,% Quebec. Hydro El 73/88 _.^' 

6*i%. Quebec Hydros, 77/82 

6*4% Quebec, Hydro ET77.I57 .-. 

. ICR.% Quebec-.Hydro.iL 81/St^..^, 

8*,% QueensUnd-'Afu 70/8T 

... «,-% BautSFuuJikl. 78.758 {.GJ - 

7*4% Reed ‘ Eaper'73/M ' 

7*/% Renault 80/66. PP 

10*4% Renafilt .W/8B PP ■kniKHeriaMiiiiMiM 


; 98:00’ '.8.67 '■ 

98.50 ' 9.13 
^30" : 8 75 ’ 

92.50 8.38 

V03.W : 903 . 

100.00 9.25 

•fiBTRLi * 507 

97.35 6.68 

4J2.25 ' 6;50-' 1 
J7.25.* . 7.71 . 


93.2S 

6.97 

9.52 

2.83 


■92.30 ■ 

-.7.03 • 

9 A3 • 

• 3.-04 


97.S 

7.71 

10.02- 

1.30 ' 


.99^0-. 

* 7}51 - 

- 7.67 

4.50 

*• 

94.15 

7.17 

7.76 

6.00 


TQ0.-2S-’ 

■X38 - 

8.86 

.2.76 

" 1 

99.40" 

"8.80 

8.85 

7.67 


98.7£r 

B.fiT - 

f7.12. ■ 

6.00 


90.00' 

7.50 

11.07 

2.81 


SICS'.' 

:8.22 ' 

10.30 

'■ 3.97 1 



1 . 11.88 
15'. 0.87 
1, 7.02 
1. 9.88 
l.tr.91 ' r 

16. 4.92 
“ 1.12.82 ' 

1. 2,75-840 
1. ftflO-87D 
.. .1.10.77— S8D 
1 : b:so-67d 
- 1.-301— 88D 
1.11. 75-840 
- 2.’1. 78— S7S 
1. -7. 78— 90S 
- l.'3'.73-87S 
1- 3.83— 90ST 
" 1..7-79-88G 
1..6.83-87D 
1. 7.85-870 
,1.12.83 
1. 9.84 


8.38 

13.14 . 

3.50 

.. i; 1.88 

'11.39 

11.69 

7.57 

1. 2,90 

8.09 . 

14.39 

Z23 

. 1.10.84 

8.86 

14.02 

4.12' 

1. 10.84—880 

10.09 . 

13.90 . 

5.12. 

1.1085—690 

7.95 ' 

11.70 

2.33 

VII. 84 

. 7.56 . 

11.50 

2.75 

,1. 4.85 

6.37 

8.29 

7.83 

1. 5.90 

. 9.13 

8.66 

6.5£ 

1. 2.89 

8.89 

8.82 

9.94 

16. 5:92 

■ S-. 64 

1021 

3.74. 

1. 5.84— 88D 

6.38 

8.95 

1.55 

1. 2 .83— «5D 

7.-44 ■ 

10.60 

0.75 

1. 4.83 

7.10 

9.-86 

4.53 

. .1. 9.B4— 890 

7.03 

9.57 

2-91 

1- 7,78—870 

7.77 

8.43 

4.58 

.1. 2.87 

7.62 

8.50 

4.92 

1. 6.87 

. 7,06 

9.81. 

5.20 

.. 1. 

10.06 

937 

9.17 

1. 9,91 

9^5 

9 66 

9.62 

15.12,92 

6.89 

8.28 

1.58 

1. 2.75-84S 

. 7J2 

8 05 

1.66. 

. 1. 9.75— 84D 

8.00 

8.15 

2.82 - 

. V. 9.77—660 

6^3 - 

9.23 

2.66 

T. 4.78— 87S 

7.0S 

S.-S3 

3.03 

1. 3.79— BSD 

.7/2? . 

9.01 .- 

6-12 -■ 

16..&87P ■ 

8.98 

8.75 

5.42 

1.12.87P 

'. 

area:- 

9-43 ' 

• :1. 12.91 

8.83 

9.23 

3.33 

1.11.76— 8SS 

6.87 

: 10.45 

3.65 

' -1. 4.84— 88D 

7.74 

8.73 

5.50 ' 

V. 1.79— £8$ 

8 DO ■ 

9.87 

3.17 ■ 

-1.8*5 

10.54 

10,12 

4.00 

1. 7^6 


■ 'WestLB Euro-Deutschrnarkbond Yield Index '. 

June 30, t §82: 9.67% / . (May 28 1982: 9^43$) 


Rente 77/B4‘ (G]'-...i.. — -- 
fienfe 79/B7 (Gi-..— 

Ran In 92/92 —7.5 a... 

Rep. ChHe. 80/86 — li-.-.- 

, Ricoh Comp. 78/83 — 

Rqy Bk 1 . of 1 Canada fiQ/90 

, Roy Laaee 79/84 PP 

SAAB 71/86 

, Sage P6irokjemi 77/87 PP .... ..... 

, Sandvik . 72/B T ■ 

Sendvik 75/83 ...^. .^. 

. fenke Steamship -77/84 .t 

, Selyu Stores. 80/8? 

SheiPtat*!.: 72/87 — — 

Shell lnt'1. 77/89 ...... „ 

, Slngapora -77783' 

, Sira Kvlna. 70/86 
S.n.c.F. -88/83 (GJ .7, 

S.N.C.F. 32/9Z (G^-jv— — 

, 8bc. Da*. RSg.- 78/88 fG) 

, Soe. Dev. Reg, ,77/92. RP. (G). 

, Soe. Met. Fma 75/83iPP 

. Sorrento 79/84 PP--/.— 

, Sourt-Afri“- * 1 — 

, Sfluth-AWcB- 7Drt5.-w.i-. — .v 

, Souih-AfTica -71/86 i- — .'.I...:.....;.. . 

, Soul*» Al riqi «'-7 2/87— i~ 

, Soulb-AWce 80/87 u 

. South-Alt- Qd Fund -78/82 1 PP (G).. 
, Soulh-Afr. OH Fund 78/82 « PP. (G).; 
i South-Air. Oik-fund !9/83_PPi(G) i 


" ' 1. 4.84 

• 1. 6.87 
16. 5.92 

' ' '1. 8.B6 
1. 8.83 
" "1. 8.90 
1.10.84 
1. 6.77— SBS 
. . 1. 7.B3-87S 
1. Z- 73— 870 

- 1- 2,83 
1. 2.84 
1. 3.88 

1. 4.-78-87S 
• 1. 285 — 69D 

lv5^3 

.. -..t- 0.76— S50 
V.10.72— 63S 
1S.S.90— 025 
V, 4.8O-08D 
16.12.83-920, 
1. S.79-83D 
.'16. 1-04 
1. 4.73— 84S 

- >1.11.76—853 
T.l 1 .77—365 
1-11.78— S7S 

- - 1. 7.SJ 
due 1. 8.82 
due IB. 9 82 
1.11.83 


\ • 



Financial Times. Tuesday July 13 1982 


nemw 

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11 ft 


amuse nunc or bbmuk 
I J.M Vll/IMO 

maces nHOUUBUf 
I f.flfl 6 / 12 / L 984 

osu.cm or . 

i 6.75 «/ 1/lttT 


1419 CILO-CTTT OF 
99.50 8.00 19 / 4 / IMS 

w r? oslo.citt or r 

99 . a 0.59 4 / 3/1987 

1479 PUL IPS OT JIK 
100.90 0.00 V 5 / 190 * 

1915 naira 07 r» b 

100.00 8.75 IS/. S/ 1 M 5 

i 9 fz seed ummnosu. 

99.00 B. 7 S 10 / 9 / 1*07 

1171 JUaiOLT «X 07 «tX 

100.00 7.75 13> 7 / 190 A 

1975 3006 KE RHJKS 
000. 00 8.75 8 / //IMS 

1975 3 . 0 . It. - XUKC 
100.00 S. 7 S 70 / «/lW 3 

1972 HATES - trtTP DOT nr ■ 

5 9.00 7.25 15 / 10/1997 

1 * 3 * MLTA? T Kim J.r. 

»■» 1.00 10 / 11 / 19*3 

1980 SOLUT FtSiSac 
1 DC .25 10.73 11 / 7 /IM 7 

i«o szoasaut-ciTr or 
100.00 10.73 15 / L/I 9 H 

2979 S 701 ISI BVSStSOBT U 9 K 

n.SO 8.00 6 / 9 / ISM 

1980 mill tSTCSTOER SAIT 
100.00 11.21 IS/ 6 / 19*6 


92 SJ- 9.15 t .13 

10.32 

93 1/8 9.97 8.59 

11.26 

76 112 I 3 JS 9.06 
16 . 94 , 

06 11-51 9.31 

13,13 

U 5/4 10.76 9.08 
11.35 

U 11.19 9.31 

96 Ul 11.07 9 . 2 f 

73 13.78 9.00 

I 9 .S 3 - 

» 7/8 11.61 9 . 2 * 
13 . 1 *- 

n 12 . 0 S 9.51 

I *«23 

96 3 /C 10.96 9*27 . 
1IJI 

71 1/2 IS JO 13 - U ’ 
21.93 

12 3/6 U. 0 S 1.72 

9S 3 /S IS. M U .27 
95 5/6 12.19 11.23 
83 7/0 11.90 9.56 

13.28 

95 5/8 12.32 11.76 
12.91 


xgmtu statue Maces ( ohiumbiO 
GBc^canui. zucnis co start tf* 


COffHKB-WW 


B tro ncaoM taarcam' 


agtaSJUUIEU (CDSmKXD) 


t*w caxanui. zucnis co 

100.00 12 JO 15 / 3/1989 

1976 utiitm annuo hr . 
100-00 u-oo 15 / 5 / 152 * 

1976 , HI, vat WUIXS 
loo-oo .10.00 1/ vim 

. 1987 POSSf 91 X 10 
, 100.00 14.50 1 / 7 / 1*87 ■' 

»j=* rawtw mjcus* 

100.00 ICJD 15 / 4/1917 

two snoot 

100.79 16.00 1 / 8/1990 

1981 Krwcmwtar-sintLnrt: 
100-20 14-30 13 / 6/1988 - 

1982* QBUC.HU1UK8 09 

109.00 25.10 1 / 4/1987 

M 82 * PB 01 MWU 69 B } W 

100.00 16.75 1 / 3/1969 

19 U utsKBixs msst BOUTS 
98.00 14.23 11 / 8//990 . . 

1978 aoMTNS piramumH hr 

100.25 . 10.25 13 / 2/1988 

ll&t H 8 M.tnfH» 

99.50 14.00 If 3/1916 

1 MZ" SJ.R- - CUKE _ 

100.00 15.50 U 4 /ttse ' 

1978 1 UU DR KB 
100.00 10 . 2 S IV 2 / 198 * 

1981 S 9 Z 6 U 9 EOOn CUBIT 

100.00 a .75 15 / 3 / 19 M 

mo aamint sfiwtr cubit 

200.00 15-25 15/ 4/19*5 


14*30 134S 
11.57 
13-3/8 15-69 13-1* 
MJ 4 

* 1 - 3/8 15.07 12.29 

| 19 14 J 0 14.63 

■ 937/* 18.M 17.3* 

87 7/1 lt-U 15-93 
17.19 • 

96-3/8 15.45 15.03 

101 S/l 16-96 U-2S 

106 . 15.87 16.11 

? 97 3/6 >4:72 U.3* 
14.80 

83 1/6 1**» U>31 
13*67 

981 / 614 . 5 ? 1*.23 

IM 17.46 LlOO 
15.48 

S 3 If 2 14.72 12*26 
91 1/4 14.69 14 . Lt 

102 3/8 14.09 24.90 
PC 1 /* 15-20 1004 


! 1601 15-93 
17.19 • 
15.45 15.03 


Ltsensomte 5 * 9.22 .-MS 

iTS/inm *® =■« 

twfJTQ 85 6.27 4 i 44 

3.25 51/3/lWS * 8W 2.16 

ZWE0 234 1 12 *<*> -5-7* 

7.73 3 V 3 IMS 3 SCO 1.16 


1981 *- 1 X 06 

100.00 3.13 29 / 3 / 199 ® 

H8L jUXEWrn 

109.00 3.35 31 / 3/1996 

1910 U UlWLII 

lOB.OD TJS 3 V 3 /UM 

IVETlUtU . . . 


.wt-wtaa n 70s - 4 .es 

303.30 6410 30 / 9/1995 C 860 1**0 

• nl UK . 97 3/4 U 4 1.89 

100-00 620 31 / 2/3996 913 J-« 

1114 *n«T 138 3/6 >81 4.11 

yrwa 6.33 ri/i/WK ais ■ i.*a 
1979 jussHsara. ncsmc as »i 1/2 i« - 6 .M 

lOOJB^MFS 30 / 11/1990 9 1 M ■« 1 » 

n» Kcsnzcat ejeruc «w osjs st.it imi 

X 304 S 7 . TO - 33 / 11 / 1*95 S 501 ' 3-09 

2479 - n newu esc; tax .US tt 1/2 f.77 Ml 

IBObOD 7.09 W 5 / 19*4 C 1 » :•« 


*8 J/I 8.19 -204 


100.00 5.50 30 1 3 / 19*7 * 310 2.33 ■ 

1*75 lsnxcnGCtt W U ] It =■*? -M* 


100.00 6.29 30 / 9/1990 S =92 

1*77 UK omCkL _ _ 119 

100.00 4 JO 31 / 3/1902 3 P* 


i* 7 ? asm omcks _ _ 

140.00 6 JO 3 t / 3 /MW 

197 * 414 HI OraCU. . 

100.00 . 7.00 31 / 3 / 19*6 

1*78 I 3 XC 5 C 08 P 

J 06 J 0 5-75 90 / 1/1999 

mi* ks: nun 
100.00 3 J 7 S 28 / 1/1997 

1 * 82 - 1 JCKB 5 TD 95 

10 S.D 0 5 . 50 . 31 / 12/1996 


100-00 . K75 .31/I2/W9* * 6»5 


5 =92 T. 0 S- 

119 9.06 -5472 

3 T 9 i- 9 *> 

46 10.61 -*.72 

379 1 . 9 * 

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83 7 . 0 * -9Jkl 

1640 2 . 01 . 

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% 436 =.=9 

lOTJft 6.39 IJS 


MR- KDOiZA GEES* 


163.33 ‘ S-C 3 »/ 3/1996 * * 2 * 


*2 3/8 8.16 25.20 


1980 vaaokaaouta 


■Stilt *•« -S.H 


6-75 91 / 12/1995 B *«S 


I* 9 /f =.U 20.49 


*1 3/8 ?-« 2 . 7 B 


100-90 7.00 30 / C /1997 S *95 1-74 

1981 * C 8 KH 4 L TSOCSCt CO t 9 * *-"l -^-07 

100.00 6-39 JO/ 9/1996 B BID UEL 

- 14 * 2 * OBSSU nmiaSTICM. *• 3/8 7.43 2-09 


1981 * C 88 XUL TESnCC CO 


■ 1 * 82 * OBKU nUBUCeOTICK. .** 
100.00 7 .Z 5 9 L/ 1 S/ 199 * 8 70 S 


ifn* nusnnn nor « annus. 
100.00 6.00 31 / 3/1996 * 

1971 361 Sip KB TOISEW 


6.79 31 / 5/1986 8 fr» 


JM *-73 - 4-45 

943 l*r* - 3-36 


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31/ a/1591 

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81 3/4 1I.J1 12*84 

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15J7 

50.0 

loojo i.n 

31/ J/199* 

3 

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2.55 


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nauMr jizumwJ rate 


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1980 BUZr 

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=0.0 

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100.00 

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100 JO. 7.29 

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1977 sutu-waocca in 77 1/2 u-so 10.97 
100.00 8.90 If 4/1987 19.10 


special nffino sxeita 


ZKEUBDJEPDUXC 7-9503 S9 9.63 7J7 M 

I 7-00 15/ 1/1988 11.47 

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i 6.75 15/ 8/1987 12. H 

30TBKIKS DT 7.80 S3 '9.06 7.62 25 

I 6.=5 3V 6/1992 


19.10 


100 - M 

9.00 17 / 7/1909 



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4.63 7 JT 

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100.00 

9.00 15 / 3/1964 



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100-00 5.50 30 / 9/1996 343 2.74 

1980 nsnuonoa. wen x-c a? UJt 

100 . 00 - U .00 31 / 3/1990 ■ 21 * 

1981 * HUT KUtcmfi 61 9 . 2 = 

100.00 5.90 31 / S /1996 * 2 U 2 - IT 


9 -AS - 4 - 3 S 

T -74 • 


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76 S/t 7.98 - 4.77 


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I- 7.35 1 / 3/1913 S 

ittnx.crnror li.os 9 * 
I 9-50 13 / 10/1984 S 

xxkrul sTnun unu 


9.65 97 1/2 11.51 7.37 

13 S 12.92 

, 1.06 94 9.69 7-03 160 

14 S 11.78 


IQ 0 .DQ 11.00 15 / 3/1989 

1978 sBwua l avmaei n uk u x /4 u.u 10.20 
IflD.OO 9.00 1 / 12/1985 

■oe ruuzns SAXE 

1981 BBLI 89 SUfl ft '15 J 7 1 * J 2 

100.00 U. 87 S 3 / 5/1986 * 


1980 4 G 0 B 4 t 

99.50 14.00 1 / 12/1965 

1982 * K-r-C. E- 

100-00 14 J 0 25 1 4/1967 

I 960 1 J.I- . 

100.00 13.50 15 / 171991 

1910 KBEFXC 14 L O/E JTOUCE # 
100.00 14-25 15 / 5/1990 

19*0 UXEPICIAL 0/9 FISA SO f 
91-30 14-25 10 / 12/1990 

1971 ttTICOB? a/s ru t 
99.50 10.00 15 / 3/1993 

1980 CITICORP O/S TIK I 
100.00 73.90 1 / 2/1990 

1*77 COfSUULM r*T TPi 
98 JO 9-75 15 / 12 / 19*9 

1977 ZERO PEAS COAL 4 STEEL 4 
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19*8 SU 09 E 4 S C 04 L '8 STEEL # 
100.00 13.50 25 / 10 / 156 * 

197 * itgamii XHvrswOft ax # 
100.00 9-75 15 / 2/1988 . 

1977 naoKAX UIVESTHEST IT f 

99.75 9.75 15 / 1 V 1592 

1979 BOBOPUS im sB U TT. *K f 
*9 JO 11.50 15 / 6/1991 

1979 mtOFEAX BTE 6 WBST U # 

100 . 0(7 L 3.00 15 / 7/1991 

1980 EUB 0 PEAK XKVES 2 KDCT EAiC 

91.90 13 . 00 - 1 / 3/1991 

1978 P 1 BAX HAAT D'OIASJSMOK 

99.50 10.29 15 / 3/1990 

1*77 PDiASCE TOR IWCSTST 
99.50 9-79 15 / 12/1987 

I*;* msAsee Tot amsm 

100.00 10.00 15/ 3/1989 

1979 PDCASCE !DK lOimtT 

99.25 12.90 1 / 7 / 196 * 

1979 PIKASCE Ml UMBTE? 

IW.OO 13.00 19 / 3/1991 

I 960 ITEAECE HDL I MPS T UT IRS 
100.00 11-75 1 / 10/1987 

1960 rxiAurr por zaramcr 

99-50 14-50 1 / 3/1988 

1961 nwise zziosr crdit 

100.00 13.75 If A /1986 

1977 JXfHS DR JIN 
100.00 10.25 15 / 12/1987 


95 1/2 13 . 70 - 14-46 
98 7/0 14 . 8 3 14 JC 


93 3/4 14.79 14-40 

88 3 /S 17.01 16.12 
M 1/4 18.90 16-13 

77 3/4 14.13 L 2 .H 

14.71 

91 1/8 14.55 14.19 
14.90 

76 3/4 15.12 11.70 
16.22 

78 l/« 14 J 1 12 . 32 ' 

15.59 

94 3/4 14.78 14.25 

*1 3/4 14.70 11.93 
13.19 

75 1/8 14.48 12-11 

M SfO 14.69 13-59 

84 1/4 15 . 3 = 16-24 
15.68 

89 3/8 13.25 14.55 

81 1/4 K .40 12.62 

15.32 

82 3/4 14.49 U- 7 * 

15.45 

81 7/8 14.35 12.21 

15.14 

90 1/8 1 4.66 13.87 

15.09 

91 3/4 14.70 14.17 

15.13 

96 7/8 14.59 14.19 
14.71 

100 1/4 11.37 14.45 
24.37 

96 5/8 14.92 14.23 

82 2/8 15.15 12-48 


1 M JO 6.00 31 / 3/1997 % 3 IO ■ Ml 

l**r* WHS ABA HUKUOUL 107 3 . 3 X-OJC 

100.00 3.50 30 / 9/1996 8 1390 .94 

mi mnn is 5/4 s.» itao 

100.00 S.SO 30 / 9/1996 * 721 .90 

1 KU* J 83 EBUI URE 81 5/8 5 . 5 ** 14.46 

100 . M . 4.30 3 V 9 / 19 H S 4400 -JO 

1981 VDEOEWA EUCXRZC 83 1/2 7 JO - 5.13 

200.00 5.75 31 / 3/1996 > 299 L .04 

1981 imRAM, 2 LECritI£-a> f 1*3 5 . 5 * 2 JP 

100-80 8.00 31 / 3/1996 B 299 U 

19 61 * UUKJtr« 8 HZ 78 7.69 -*-09 

100.00 6.00 30 / 9/1956 262 1.91 

2 * 62 * muon caux « rrt <■» Ml 

100-00 9.25 30 / 9/1996 S 484 1-76 

76 1 ft 6.64 10-35 


230 .eo ?.» 3 VVm 5 * 452 1.90 

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200.00 6.50 3 V 9/1994 B 5 W l-W 

i «75 xzncKsu gnoufnx ' iH *J 3 - 4 Ji 

ZnflJO J-» 3 V 9/1990 I 510 2.37 

n:s an*E»n «2 omion 145 4.58 - 4 J >7 

lOSJfl 6 - 75 ' U/ 3 / 199 E S 3 » !■» 

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1976 AlBMg Et BE 48 T HBMn 140 3/8 6.68 - 4.73 

200.00 6 . 5 = 91 / 5/1991 S 117 2 .R 

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1980 XQHIXUb BUTE BET ■ 1 H* 7.31 3-16 

309.00 7-3 31 1 5 / 199 * R. ■ U» 1 . 3 # 

1981 * HUS* KAHTACnSHW 67 1/2 7-*5 JJ.» 

180 - GO 5 -a 20 / 3 / 1*96 * 23 RD • -91 

1 * 63 * XICKBCSM CO.. 91 Ml 4 JI 

100 . QO 5 - IS 51 / 3 /UW 7 S 295 1.96 

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100.00 7 JO 31 / 5 / 199 * • 210 

L« 8 I* RWO DSC 84 7.27 - 2.15 

ICC . 00 6.00 30 / 9/1916 S USB Mt 

mi* niffii caaa-ca cotr a 5/8 un sun 

100.00 5-00 3 If S /1991 53 2*33 

198 =* HRU RUimC CO 87 5/8 *-*7 8.07 

1 DO.DO 5*23 MFa/XSWr * 7*7 .83 

imi* BHmr m enic # n c.u - 4 -*i 

10 0 -00 3.75 30 / 0/1996 * 7*7 .*5 

19(1 1 TEB» W 629 T nsensa 72 fcK 13-20 

200.00 6.50 31 / 3/1996 8 . 137 . 3.63 

1581 " XXZIDR Cpm f 77 *•*£ -2-33 

100.00 6.50 . 31 / 10/1996 * 451 MS 

1978 ' K 220 V RSCU . U 3 5/8 . SJO -SJS 


3 > WP 4 ga airtMA wit— > tier RR 1/1 Ul 

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aft. i 9 *fr**«ra SAEwiwe- . _ if 1 * 

20-0 200 . 0(1 3-75 3 V 22 / 19 U 1 *34 M* 

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30.0 108.00 *5.73/ SlfljLMT 8 SU 5—4 

70 I 960 tom CWf 72 l /2 10 . 9 * 

70.0 2 D 0-90 3 V- 9/1993 » 204 

25 ifsi*zo 8 n.Tea!*t|«„^- - .SJ . 

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IWO ETPKM IHETT CLASS -S-TT 73 

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2981 FIZIOI GSU R J»- 91 
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1978 - nO-TOOBO M 3/8 8.85 - 3 J 9 

100.00 5.75 31 / 1/1995 S 83 R 2 . 27 DPI 911 

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100.00 6.00 31 / 8/1992 * 83 * 2.27 J 7 PIM 5 

1981 ZXD-TDE 490 RUrtn 60 11*79 - 4*95 

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1980 OOE!R LSUHV * 

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100.00 - 3.75 31 / 12/1996 

mi* txrpt want co ltd U 7 


3.30 31 / 3/1996 8 399 


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mo low err alcatel it 74 ill 

mo.o voo.oo iq. is =/ i/i m 725 

10 O 1972 CEEVMS DARtnE TT *5 1/2 

40.0 100.00 5.00 15 / 6/1987 UH 

190 1981 L 4 Z 4 WE CORSE GE 76 7/2 

190.0 100.00 11-25 5 1 1/1991 226 J 

54 1969 VXCBtn HURT *0 

16-2 ICOJO 4.00 5 / 1/1993 AB 

flwmnmnoic bk 

jo a«ta rati turns n*r 56 

50*0 100.00 6 .JS 1 / 3/1989 . 2-7 


76 .U 76-06 
1*67 


MS - 8.19 
.90 


un JARS 70 1/2 10.92 -W7 

100.00 2.» 31/ 3/1933 t 399 , M3 

1977 JBSCD 65 9.23 -6j0 

300 JO 6.00 20/ 2/28*2 . 50 .3.19 

low jmeo * cnsvwn.1 etc » «-» 4 -«z 

100.00 . 1.00 20/ 2/1996 30 3.19 

1981* JTC 0 5/8. 5-92 8.57 2D 


5.00 20 / 3/1997 X 2=50 


1982 * KUDU OOtP 


115/8 BJ 5 18*73 


3.50 31 / 5/1997 8 330 2.73 


1977 tAOSOAPCO 


6.00 30 / 9/1992 % 514 


5 . 1 * -J- 3 » 
1.46 .1 


1981 * X 1 DAS 4 KC STBS. CHRP 63 ! 

1 O 0 J 0 S .75 V/ 3/1996 B 138 

1975 THM 4 TII B UB 154 : 

100.00 MS 58 / 6/1990 ■ 484 

19(1 CO UD 886 W : 

100.00 7.00 20 / 2/1996 530 

1976 KMUIl . . _ 114 

100.00 6,75 15 / 4 /Utt ■ 531 


631/8 9.52 ■ 1 XJ 7 
JS 5-60 


154 S/B 4.74 - 3.53 
484 2-65 SPURS 

871/2 BJO 11.30 
530 2.73 


lOB.OO 6 J 0 51 / 3 / 199 T ■ 257 

1976 UCOE 148 I 

1 DOJ 0 . 6-29 30 / 7/1791 « 4 H 

I 9 IO 81 E 0 K . A 

100.00 6.625 30 / 9/1995 8 463 

19 * 1 " 51 X 41 BEAST XfRB ZEUS » 

100-00 5.75 31 / 10/1996 * 770 

1910 563090 DXCZUC CO .60 

1 * 0.00 8.25 Jl/ 3 / 1*95 X 412 

mi*sinD xxxcms ' «6 

100.00 5.00 30 /n/lM 6 S 414 

1*76 8 ino mezRic _ m 
100.00 6-23 JVU/ 19 A * *16 

!Ml*Smi 3 IB _ t » : 

= 00.00 :.U = 9 / 2/1991 B AO 

1980 8 E 1 E Q STORE! 67 : 

100-00 6 J 0 = 9 / i /1996 8 610 

tin"iER 56 P 4 BEJRUW uu: 

100-00 3-90 30 / 9/1191 S 630 

1*77 non namauBiae lu 
100-00 6 . 3*5 30 / 9 / 199 = . 8 . 630 

1782 " ahztow xutcruc ms « : 

100.00 5-50 31 / 3/1597 8 423 

1*77 sacra® xuseme urn 2 « 

100.00 6.00 30 / 7/1991 8 479 

1781 * unnwiu ffiOL ISD « 


121 AAO -.68 

1300 .77 

77 7 ft 7 J 6 7 .C 7 

720 1.76 

73 8.39 - 5.28 


1949 ALB ASIC J*T 

100.00 4.75 ' If 3 / 19*7 

1*80 AUJS 1 II 5 EC CAHTAL CTO 

lOOJO 6.30 13 / 1/1993 . 

1978 UE nDBR J 0 «E « 6 C 0 

100 .00 9-23 31 / 12/1993 

1177 au-axer art mi 

IB* JO 4.00 1 / 7 A 914 

i9M cum sajxu (Sambaw 

4 OOJ 0 4-25 31 / 12/1991 - 


XU Sft 4,24 

-4J2 

ZOO 

1979 

CSDXT EOZSSE (UUXU) 

64 

7.41 

Jt 

463 . 

1*94 

70.0 

IDOJO 

4.75 31/11/1993 

785J4 



12 

•*:& 

MX 

24 

1978 

mraw* 0/9 TO 

67 

7*6t 

MMX 

463 

1.94 BH5S8 

23-9 

100.00 

5JS 1/10/1590 

340 - 


80 

7.32 

-SJ1 

41 

19*0 

tnms mat (mriim). 

97 

(Jl -21.07 

770 

1.30 


41.2 

140.00 

6.23 31/12/15 90 

=18.53 

=B1 


60 2/2 1A.TB 

-1*36 

64 

1976 

umoi ofrms 

' 88 

3UO 

IMS 

412 

2.43 

6 AJ 

XOOJO 

4.75 '31/12/UU 

SOU 

=.41 


46 

7-78 

13 JQ 

1=9 

080 

aazs* USE CORF' rtYMM) 

71 1/4. 

B. 77 

=2-15 

416 

U9 


130J 

100 JO 

6*23 31/1=/ 1990 

101.31 

4-41 


193 

3.26 

-3.S7 

1X0 

1977 

touar she aonsruB) 

115 

3.9 L 

-1.07 

.416 

UO 

1902 

94J 

100-00 

4J0 13/ 5/19*7 

1316.92 

B.U 


» l A 
uo 

8 J7 
2.62 

-sax 

113 

U 5 J 

1571 
IM JO 


UJC 

6 J 5 

U-IS 

47 1/212.20 

-T.W 



eamaxiaucjj. 




610 

2.42 








104 XA 

5.33 

-3.11 

39 

1977 

UKDCE 8 BMOU 1 D 

8 =VZ 

S.M 

-78 

630 

1*67 


3SJ 

IDOJO 

7.00 15/10/1512 

IV 

1.10 


142 

4.34 

-JJO 

30 

1477 ' 

UREA* TO 

114 

4-69 

-SJI 

630 . 

1.67 

30 J 

100.00 

6-75 IV 5/1911 

26= 

1.60 


84 Sft 

6.60 

9.09 

30 

1978 

ROOTS 

Bt 

8.53 

- 8*68 

423 

1.27 


30.0 

100.00 

6 *73 1 / vim 

2 M 

2 JO 



1 UX* XOT 4 XUQD 


6.25 30/60596 S 579 


134 6.01 - 3.58 

531 2-27 BP 1984 

1 X 02/1 5 JS - 4-40 


ITU* «""«»■» HEW. OT « 

100.00 5.25 30 / 9/1996 8 X 50 

1976 scnmm hetal lia 

lOOJO AGO 31 / 3 /Utt 8 150 
i 9 M tomomutAi . ot m 


7 JO 30 / 9/1593 * 150 


260 2-32 - 0 .H 

8 475 1.37 19*2 

63 2/2 8.46 S 5 J 7 

8 150 3.33 

113 2/8 3*33 < 4 .H 

8 150 . 3-33 1985 

M IOU - 6.68 


70 . 196 * MUBROU. 

M-t MAM - 3.50 1 / 10/1988 8 

75 1972 - 10 U 0 P l-T. » 

JM 1 * 0.00 5.73 1 / 10/1912 

SS 19 * 0 ' undo 0/6 RKUCZ 

25.0 MOJO 9.50 13 / 10 / 199 $ 

23 19*1 l*H 0 rV 8 3 TH 1 RCE 

E 3 J- 100*00 . 9 J 0 15 / 10/ 096 


13 * 1/2 A 4 f 
314 . 2.20 
155 1 /Z 4*24 
1*2 2-60 


■aw 


TT 6-17 
23,8 A 40 19*0 

140 3 .U -«■« 

46.7 u.:: mo 

e an 4 j* 151 - 4 = 

1.93 

At 3 /* 12.37 40.50 
133 5 JS 1991 
70 l/S 8 . fit -S Jl' 
220 a-Ofl 19*8 

90 7 ft 5-33 27-10 
S 2 J 

n 7 -» 

loo i/l 3 -M un 


90 7 - 2 SUCJ 9 
4-15 


IBS 7.38 HUM 

193 4 J= 

104 7 ft 9-36 5-54 

in 4.02 
M 10-00 10-67 
212 4-40 

71 1/2 10-84 8*32 

111 5.67 

781/2 7.16 IMI 
143 MS 


PowaRTam-c-r. ftanwai 
un bk wr sai * 

iSrtB '*.» UlBflOT » 

IW 7 - amCAPEnWRRBW) * 

ic 3 . au .. •.» iv trim • M 

. IBM KOraPIflPRSBOA* j 

iodjo »jo is i » tan . » 

un KaiUBtiw., .* 
100 JO •«» . w I/ 1 MC- “ 
■ un ut nnm iwmWW s 
100 J 0 8.77 13 / 1/1996 31 

HU 1 AH OaCAHGATXM .‘,4 

lOOJO. *■» 1 ?/ vw 1 * 

un turn wcbse iff m _ ,a 
100.00 5.JS IV 5/IU7 - , 3 

tuo tuim Hoooaot' ww. . ? 

100.00 8.75 1 / 12/1990 K 31 

1 MJ 0 ™ 7 ”«/ 7 /m* * :« 
CB 8 W 8 tm.WJ.j- 

IMA MO PHIM ft M MCrgr . 1 

180.00 .**» 1 / S/HU 

IBM ALAKA rnnSTATE VT -5 
1 MJ 0 6 U UWW ... - I 
'1979 4 IS 0 *T«tlUiD Wt * 1 V ' ' U 
. 100.00 4 J* 13 / 10/1094 = 

iMj& 1 w 4 , :5 • . S 

soSc • ; 4 

1*72 ambicau 9mm. vs 1= 

XOOJO - ■ 3-50 • B'A'llB . 1 

Hat amucax anoKu.in „ 1 > 
JOO-M 7 JO. V »/»« r 

lM 2 *AWKCNrlimiC*l. UT 9 

100*00 9.21 IV 5/1997 8 J 

in: IWICMWKU oft ' a 
200*00 . 6 . 00 . If 4 /IB 92 

in* MBIM zofjyuo.uer . 2- 

100 JO . 3.-5 If 8 /UB 6 ■ I 

1172 ASP . -4 

100.00 BJO 13 / 5 /m/ 1 


XM 5 - 10 J 6 
140 

18-49 - 5-30 
L» 

l| 4 M 3 M 9 
IJO 
I 13.15 
1.48 

14 . 65 -ttJT 
M 8 

1 . 9.12 1584 * 
149 

nn 

2 J 0 • 

U'.» -Ml 
MO 

7 JO HfeW 
. XJQ 


, 7.28 195*09 

11131 85*81 

r 8*19 -52 

6.43 

5.16 HUM 
2*50 

BJO - 6*91 


3 n*oo “^jo^aTi/lwo* 

10*1 1HCM IK RE 
IMJO 940 u/a/xwc . 

■i»"w ,| yw » 

1972 . SUXRXCX WOOS DiS . 
100*00 4 * 50 . 1 / 9/1991 . 

1173 XOIUCE IOOW Oft __ - 

jQo-M 4 .B 7 S is/ inm 
imIbo*^” *® 8 !/ VWK 

IUI" JLOE VOCE PEBOUSX 
100 JD- 4 .M lW 7 / 19*6 

itao wcmwsrw 

200.00 8-25 If 7 / 199 $ 

1 * 7 = SOW** B/B CAP 

lOOJO 5*00 U 9 / 25*2 

1171 *mm oft cap j ■ 
lOOJO *.75 IV 7 /im 

197 = JBRUWA*-«*L» StORRX 
100.80 4 .». IV V 19 BT 

1113 CAMXT 1 CK 

190.00 6 JO HJUin* 

11 W CUKE* 0/5 

1 M.M 7 6 JO X/I-/J 969 B 

1971 OUlOn URL FM 

200.00 U I/I0/2I94 

ini cigsnxMXm-ntfDt xur 

107.00 4*73 3 I/ 1 VUU 

mi cmaMBmiM Hr 

100.60 6.39 1 V 1 V 1984 

. 196 * anew oil vs 

200.00 5-00 jr 2 /I« 8 f 

in* cboxusr a/* cap 

200-00 5 .M u mm B 

19J conwen cap 
100-00 4*75 23 / 3 / 19 X 8 ■ 

I960 -CXC 18 ? CAP 

100.00 5.75 1/llflW t 

1978 COCAjaU HRUC 

100 JO . 6.75 W 1 / 19*3 
19*1 OMMMITB POOMADOC 
100.00 , Urt 13 / 4 / 1 B 16 • 

I ft* CB 8 TIBIK 4 L' aUMBU 
100.80 . 3 -M If 3 A 9 U 

11*8 C 0 RUUL DATA. IRT 
100.00 5 .M U 4 / IBM 

. un CHK 8 ER man 

' 100.00 1*75 13 / 12/1995 

'mi can nr m 
100.00 9*00 IV SftBff 

i 960 aoRom nr no 
100.00 - 5 J 0 . 1 / VIM* S 

1971 cpocu ha m 

JO *43 VI V 1986 8 

1972 EAHM 

100.00 . 549 . 1 / 12 / 25*7 

2972 MR XRSOnUIV 
lOOJO 4.73 15 f 8/1987 

1 MB OBRtr mii 8 l 3 SDMb 
1 M.SQ BJO - 1 / 3 / 19*9 - 


15 3 LO 

31 15 . 9 = ms 

1344 4.40 
JB 2 "J* 

= 01/2 3 . V 

. 61' 3/4 =.B4 24*34 

29 10.00 

7* 7/8 S.K »-W 

40 !/• 3J7 

135 3 ft 4 JR *Sjn 
Jl V* 249 *m» 
171 4 J 4 -UP 

21 9/6 : .j* »uu 
<91 9/6 IS- 1 « UJC 
21 5M 2-M - 
39 10.91 23 JO 

343 29*3 

2=2 111 3 - 5 *. - 44 * 

41 3/4 >.» 

60 V*r OJODS-U 
13*34 MJ 

H 1/4 10.73 IMI 
1743 Ml 
7 # 3/0 15.13 IUI 
XtJ 8 XJ 7 

61 7.73 79*40' 

15 V 6 947 HUH 
M 3.1 94 * 4.11 
27.23 7.36 Ml» 

79 U= 3 .M 9 -tt 
19*38 7.22 1*42 

y *.’p <446 
19.31 7.23 - 

U vs -144 

29*38 7 .UBR 9 BZ 
2 M S/ 8 ' =.20 — 1*14 
19.38 7 . 9 WM* 

102 3 -M ■ 


441 -MS 
644 . 

t so* Huxr 

6 . 1 * 

I LU 112J7 
94 S 

I 3 -M X 7 .TB 
6.27 

E I.ST *Ut 

t i:jobpuw 

i *0.90 137J4 
1 22*12 . 

! . 1.73 4 M 
! B.WBP107 

5 . 3 i -i.n 

[• B. 39 BPU 77 
ZJ# -V> 

h «.35 mar* 

ll ' 14 mm 

42 J* 

an 

. 643 

740 -145 
Ml 

: 7.n mo 

, «*(s »m 

i 2.31 71.12 

:46 mm 

11*44 *447 
341 

1 .H' 148 
2**B 

6-15 4.94 
. 8.71 W 2979 
SJS 8 >U 
4-78 
11.42 
346 

• 4 = 3340 
5.63 

5.65 54.75 
B.7Lmi*a 


Quotations (Continued) 


7*4% South-Air. Oil Fund 79/84 PP (G) ... 
7 >a% South -Air. Railway 73/88 (G) 

8% South -Air. Railway 78/83 l PP (G) ... 
8% South-Afr. Railway 78 /B 3 II PP (G)~. 

7*4% South- Air. Railway 78/83 PP (G) 

7 % South ScoU. a. 73/88 (G) 

9 % SHU 82/90 

8VA Spain 77/84 

B% Spain 78/88 

6% Sparhank Oslo 78/90 PP 

7 **% Standard Imp. & Exp. 78/82 PP ...... 

64 % Stand. Chart. Bank 78/88 

B% Sttttll 78/88 

6*1% Statoil 79/89 (G) 

7 % Statfonrang 77/96 

8*4% Stockholm County 75/87 ............... 

7 *i% Sun Oil Int. Pin. 73/88 ....... 

76 .% Svanska Call 73/88 

1 (Hi% Svanska Hdl. Bk. 81/87 

6*4% Svarigaa Inv. Bk. 72/87 .m-h—— .. 

7 % Svorign Inv. 8k. 73/88 

8*j% Svarigas Inv. Bk. 76/83 

6**% Sweden 77/84 

6% Sweden 77/89 — 

7 \% Sweden 79/89 

7 **% Sweden 79/89 PP 

B% Sweden 80/87 PP 

9*4% Sweden 80/87 

9 % Sweden 80/87 PP 

9*4% Sweden 80/87 PP 

7 *.% Sweden 80/90 

9*4% Sweden 82/88 ; 

8*«% Sweden 82 / 89 PP — 

9*4% Sweden 82/92 

9 *x% Swedish Export 80/87 

1 (A«% Swedish Export 81/81 ........ 

9 % Tauem autobahn 7 S /83 PP (G) ......... 

S*z% Tauemnutobahn 78/93 (G) ... 

6H% rauemautobahn SO/SO (G) PP 

7 % Tauemkraftwerke 86/83 (G) 

8*2% Tauem kraftwarka 68/83 (GJ 

104 % Telelonica 82/92 — 

9 % Term bcd 82/92 

8% Tanpfinco 73/93 

84 % Thailand 78/83 PP 

7 *«% Tokyo B. Power 88/84 

64 % Tokyo El. Powar 79/86 ...... 

54 % Toyo Rubber 78/83 PP .................. 

64 % Traf. House Fin. 72/87 

8% Trinidad & Tobago 78/83 - 

64 % Trondheim 98/83 ............. 

54 % Trondheim 78/88 ...... 

74 % TRW Int. Fin. 08/84 

6% TVO Power 78/88 (G) 

5*4% UDS Group 78/83 

84 V. Unilever 7 S /87 — 

64 % Union Bank Finland 78/88 — 

64 % Uniroyal 78/84 PP 

7 % Venexuela 88/83 

6% Venexuela 78/88 — — - 

84 % Venezuela 78/90 — 

94 % Venezuela 80/90 







.Middle 

Mob 

iU*8 

AWttdtV* 

UK* 

hytatetyar 

.fSMMomimm 

9 HirdmoaT—d 

95 XX) 

8.16 

11.14 

1.87 

1. 3.84 

31.00 

8^4 

9.56 

5.92 

1. 6.79-88S 

97.26 

8.23 

11.06 

1.00 

1. 7^3 

97.50 

8.21 

10^3 

1.17 

1. 9.83 

85.00 

8.16 

11.70 

1.42 

1.1Z83 

93.50 

7^0 

8-49 

5.58 

1. 2.79— 60S 

98.10 

9.37 

9.72 

7^9 

1- 730 

85JB 

7.09 

9^6 

ZOS 

1. 8.84 

86 JS 

6.96 

9.14 

5.83 

1..5JBS 

86.75 

6.92 

10.07 

4.12 

16. 5.81—900 

99.75 

7.77 

10.94 

0.08 

dua 1. 8^2 • 

89.00 

7.30 

9.11 

5V0 

1. 1.88 

8B.50 

' 8.70 

8-23 

6.17 

1. Z84-68S 

88.75 

7.32 

8.79 

6.07 

1. 3.S&— eas 

96.25 

7.35 

10.25 

1.83 

1. 3^2— 85D 

96-25 

8.91 

9.48 

2.66 

1. 4.79— 87D 

96.00 

7.81 

8.36 

6.0B 

1. Z79-88S 

9Z50 

7M 

9.00 

6.56 

1. Z79-88S 

100.50 

10.20 

10.10 

5.23 

ZX10.87 

33.00 

7JZ\ 

8-46 

4.67 

1. 3.78— 87S 

96.00 

737 

8.12 

5.87 

1. 3.79 — 885 

101.00 

8.42 

7-31 

0^2 

1. 6^0-633 

90.75 

6.72 

6.47 

1.83 

1. 5.84 

84.85 

7.07 

8JH 

7.42 

1.1Z83-68S 

92.25 

8.40 

9.31 

7.00 

1. 7.89 

89 .SO 

8J8 

9.91 

7.08 

1. 8.89 

94.50 

8^7 

9.50 

4.02 

16. 2*7 

103.00 

9.47 

8.93 

4.75 

1. 4.87 

88 JS 

9.16 

9.4S 

4A7 

15. 6.87 

98.75 

9.37 

9.54 

5J33 

• i.iutr 

91 J5 

8.63 

9.46 

8.17 

1. 9^0 

102.75 

9.49 

9.09 

5.71 

15. 3^3 . 

98^5 

9.03' 

9-24 

8.90 

1-- 6J9 

101.00 

9.85 

9.57 

9.71 

IS. 3J92 

99.25 

9.57 

9.66 

5.42 

1.1Z84-67S 

102.00 

10.05 

9.85 

7.77 

1 .11 .88—91 

99^5 

9.04 

9.58 

0.67 

1. 3. S3 

80.50 

6.83 

8-31 

10.75 

1. 4.84 — 933 

94.00 

9.0* 

9.57 

8-29 

16.1XUOO 

98.60 

7.10 

9.73 

Q-9B 

1* Z74 — 83D 

100-25 

0.48 

6.36 

1.17 

1. 9.74— 83S 

98.00 

9.16 

9.32 

9.99 

1. 3^2 

100.50 

10.45 

10.40 

0.67 

1.11^2—935 

94.60 

6.47 

8.77 

11.33 

1. 4.83 

98.00 

6.51 

T2L06 

0.75 

1. 732 

97.70 

7 M 

9 -25 

1.39 

. 1 .1275—840 

96.00 

8.77 

8.12 

2.83 

1. 5JS5 - 

94.00 

5.85 

10.94 

1J25 

1.10.83 

96 J5 

6.82 

7.02 

SJ6 

1*10.78— STS' 

96.25 

6.23 

11.41 

0.76 

1. 4^3. 

96.50 

6.99 

9.88 

1.42 . 

1 .12.72—805 

85.75 

6.71 

9.84 

4.72 

1. 4*86-880 

96.10 

7.85 

8.81 

2ZS 

1. 10.75— 845 

85.00 

■7.00 

9.38 

5.56 

1. 284— 80S 

95.10 

6.05 

10.39 

1.17 

1. 9-83 

103.50 

8.21 

7.14 

Z99 

1. 5.81— 075 

86.60 

7.60 

9.80 

6.46 

16.1204— 88S 

89.00 

6.46 

12-01 

zoe 

1. 804 

98.00 

7.14 

a. 90 

1 JS 

1.10.74— S3S 

74.25 

8.00 

12.81 

5.67 

1. 284— 80S- 

68.75 

9-32 

12.54 

-8-33 

1.11.86 — 80S 

93.00 

10.43 

T1.O0 

8.33 

1.11 JB— SO 


EUROBONDS 


The Association of International Bond 
Dealers Quotations and Yields appears 
monthly in the Financial Times. . 
Proposed publishing dates : 

1982 

Wednesday 18th August 
Tuesday 14th September 
Wednesday 13th October 
Thursday 11th November 
Tuesday 14th December 

There is a limited amount of advertising 
space available each month. If your: 
company is interested in taking 
advantage of this offer, please contact : 

The Financial Advertisement Department 
on 01-248 8000 Ext 3260 or 3461 





— 


IMS 

HUB* 

Mae* 

CMiaut YfcjWM 
isms MriwHr* 

Uk* 

hr M at Bar 
js^GMHtav Edsdr 


114 % VanaxuaU 81/81 

84 % Vfanna 75/84 .. — 

54 % Vienna 77/84 PP — 

84 % Voaat-Alpine 73/88 

84 % Vowt-Alpina 75/85 

84 % Voast-Aipina 77/88 

64 % WolJs-Fsipo ex w. 73/88 

8*4% Waatland-UtTRcht 80 / 86 - PP 

9 % Weedand-Utrucht - 80/87 PP .... 

54 % Worldbank 85/85 

64 % Worldbank 08/84 PP — 

84 % Worldbank 09/84 

64 % Worldbank 69/84 PP 

6% Worldbank 89/84 PP 

8% Worldbank 70/86 

74 % Worldbank 71/86 I 

74 % Worldbank 71/86 II 

0*4% Worldbank 72/87 — 

64 % Worldbank 73/83 ..' 

64 % Worldbank 73/88 ..... 

8% Worldbank 76/82 

84 % Worldbank 75/83 

8% Worldbank 78 / 82 . PP — 

74 % Worldbank 78/82 PP .. — 

74 % -Worldbank 76/83 

74 % Worldbank 76/83 - — — 

64 % Worldbank 76/83 PP 

8% Worldbank 78/84 

54 % Worldbank 77/82 PP 

7 % Worldbank 77/85 PP 

64 % Worldbank 77/85 PP ; — - 

6% Worldbank 77/86 - - 

7 % Worldbank 77/67 

. 64 % Worldbank 77/87 — — .— 

54 % Worldbank 78/84 ..... — ....... 

6% Worldbank 78/88 

64 % Worldbank 78/88 

54 % Worldbank 78/90 — 

■ 7 % Worldbank 79/86 PP 

74 % Worldbank 79/87 PP 

74 % Worldbank 79/91 

10 % Worldbank 80/95 

84 % Worldbank 80/88 PP 

9 % Worldbank 80/88 PP 

74 % Woridbank 80/90 — — 

74 % Woridbank 80/90 II PP — 

10 % Worldbank 80/90 — 

8% Woridbank 80/90 

7*4% Wofftbank 8Q/88 PP 

94 % Woridbank 81/91 ..... ... 

10% Woridbank 81/91 

104 % Woridbank 81/91 — - — — 

11% Worldbank 81 / 91 ....*. 

10 % Woridbank 81/91 II 

94 % Worldbank 82/89 

84 % Worldbank 82/92 

6*4% Yokohama 08/83 (G) — . 

7 % Yokohama 89/84 (G) 

8% Yokohama 71/86 (G) 

8% Yu goal. Irtv. Bank 77/84 PP 


VM 

9^0 

1.1291 

8.23 

137 

1 . 8 . 79—640 

9.73 

246 

15.1234 

9 xe 

625 

1 . 10 . 79 — 80 S 

8.72 

1JS3 - 

1 . 64 H— 65 D 

10.00 

420 

1. 6 ^ 4—090 

8,16 

' 6.33 

1 . 11 . 79 — SRS 

1037 

257 

1 . 3 . 8 S 

1050 

5.33 

1.11JW 

5*94 

275 

1 . 4 . 71 — S 5 S 

SJB 6 

0.99 

2 1 . 77—840 

8.19 

1.41 

1 . 6 - 75— 040 

9 JG 

0.99 

2 1 . 77 — 840 

9.75 

1 J 4 . 

1 . 4 J 77 — 840 

8.24 

135 

T. 1 . 77—860 

6^1 

237 

1 . 6 . 77 — 66D. 

8.77 

233 

1 . 1277—860 

957 - 

258 

• . 1 . 3 . 78 — STD 

8^2 

0 . 5 K 

1. 2 J 3 

3.83 

321 - 

1 . 5 . 79-660 


IIIMBl 

euniunanr 


ii 11 Hi 
*a IIS 


II IS 
3 si 


umauuisjuc. (urn iMis> 


UURIMIIBBJ. 5 . COUalWMS) 


MM SXBEttBWXK 


l/3ftm * Bl 3/4 5 .M 8 M 9 M 


u Mao BiosGoa nxm 

MJ- US JO SJO 1 /lWlfM 

is mo ytiBMcnor art TO 

0.0 100-00 . 9-50 iv vins 

7 ft iMa EASDua xmak urr 


SO 1/2 11**0 19 .SA 
a 1 /A 1*21 11 H 

St US 5-*2 a Jl 


wo IV 5 / 19*8 x 73 3 ft *.07 


1 .12J2 
1 . 7M 
dam 1 . 8JE 
dus 1 . 10 JB ' 

1 . 583 
1.1083 
• 1 . 12 JB 9 
1. 2J8* 
dus 15 . 9 JS2 
1 . 3.85 
1. BM 
15 . 9.85 
' ' 1. 137 ' 

1 . SJO 
1. 88* 

1. 8.88 
1 .12J8 
f. Z 87 — aoa 
1. t JK 
1 . 8 J 17 

l. 7 jt 


25 197 = IABW am TO, , ' 77 1 /s t<U 8.78 

SS.S 100 JO . 9.00 lt 5 / 11*7 26 Ml 

IB 1973 ES. OTBRUnDUL «1 V* 7.74 A3.U 

15.0 100 J 0 4.13 1 VI 2 /MS 7 19 1/2 5-33 

i* uu memne awmr u s.u 

M XMJO SJO I 5 /IVJ 9 M- 8 4 STUM 

so two estouee m mr ux/sxz.*/ n-zs 
= 0.0 XOOJO SJA X/ 10/1995 14 iff 4 J 0 . 

20. X 9 U ' in' nan ami* ur. iox aji -a.u 

M 104 JB 4-50 13 / 12 / 19*5 • 48 V* 4 JL MIS 

SO.- HU-BBMEU . BC XSJB 

30 J MOJO - JJO V 5 /Utt . 3 1/2 
«o - xm* mnnnort zar sz a.os suw 

57.0 XOOJO- BJO If 3tm* 12 ' SJOUFUM 

so mo Xm urr cap 50 us 5 -« xoi js 

saj xooja . 3 jo V s/Ufcs 1 » 

=*■_ >,» MBarnr . 59 3/* fJT aj« 

75.0 lWWffl 3 JO IX/J/BW S 4 

50 1971 300 IK CAT SB 5 ft 8-60 H -44 

50 J XOOJO S.QO XV 3/1866. » 

i: i iso - aunrr on. nr so. . imi im J7 

13.13 lOOJO ■ *. 50 - If 1 / 1995 . 3 578 

xo' U 7 » . GAinszaajneanw ' ma bs ' «.« -?js 

1 MJ ' 100.00 SJO 19 / 13/1994 . 37 1-93 

3 D 1072 rjll i r . ELECTRIC O/S *3 5 /C S.M S. 1 Z 

30 J 4 . 00 JO .. 4 J 5 IV 6 / 13 A 7 . S 3 J 3 5 JA 

UL nasty/ 3 ■ ' 97 i/i a.iz uws 


IS 19 W* « 3 WrmL Mice iMAUT SS.VBXXJB BJO 

13 . 3 . 100.00 BJO 13 / 7/1 m 11 J* 13,14 

30 1972 JJAT HCMHOn 107 1 /A 4 JS -XJB 

. 15*1 100*00 4.75 13 / 10/1887 Xl.M *JB 

15 MM WW . , 50 . lUM 

1 SJ 100.00 5.30 If VMM X XI 1/2 

33 19*0 HBrXRTTO , . 43 1/0 1 « J 3 0 . 7 * 

33-0 100-00 9 -25 1 / 12/105 A . 15 2.91 

15 19*0 URiar SB 7.00 

13.3 lOOJO 4.75 IS/ 6/1338 8 »V 4 

» . 197 = wuna aT 50 10 JO 120 JJ 

= 0 - 0 - 100.00 a . 00 13/6/087 11 

ss 19*5 wwn nrr , si 3/8 aj* sl-fi 

b.b iM.ru ; 4 . so' isfiafms s u.n s-m int 


- 106.16 

9 -sr 

8-36 

323 

' 1 . 5.88 

9626 

B2Z 

3 - 5 * 

520 

1 . 628 

96.50 

S.U 

9*33 

523 . 

. 1 . 52 B 

93.00 

8^7 

9.19 

720 

1 . 120 

91 M 

8.86 • 

9.00 

7 ,a> 

1 . 120 

103.75 

8.04 

929 - 

723 

1 . 5.90 

98*75 

8^3 

9.12 

82 S 

1 , 820 

93 . 5 » 

829 

9 . 19 . 

828 - 

1 . 826 

101.75 

9-00 

8.93 

820 

. 1. 121 

10626 

a .90 

9.10 

■ 829 

1 . 521 

106.60 

9 . 8 C 

940 

9.08 

1 . 821 

100^0 

10.33 

9.88 

917 - 

1 . 921 

103.00 

9.71 

■ 9-49 

-9 A2 

1.1291 

WO 50 

9*45 

926 

8.74 

1 . 4*89 

9620 

8-92 

- 924 

923 

1 . 522 

9920 

8.78 

722 

■1117 

1 . 9 . 72 — * 3 S 

99.60 

7.03 

722 

225 

33 . 9 . 73 — 04 S 

98.00 

8.00 

' S.M 

4.08 

1 . 8.77— ms 

90.50 

8^4 

1288 . 

246 

16 . 1279—845 


50 J ^ 100.00 .. 4 J 5 1 V 6 / 13*7 

SB. X «£7 COBtll. roODBJrt ' ' 1 
SO J. 100-00 ■ 4-623 l/LB/mi a 
15 - UU CRXEECD DDIU APIASS. 
n-6. 1DQJDO .- 5*30 1/V0M. 

■ 50 ' '.B 9 C 7 tiaxmOBGir t 

3010 - 100 JB 4*73 St/U/XlR- 8 

50 ES 72 CX L T . 'tTT S 

swi. loojo 4*73. tmjmr ■ 
U- DSC M. ORACKQ/a 


0*0/6 ■■ 97 x /4 4 .IZ 

l/LB/mi 9 37 3/ 6 S.S3 


« , Ml 

3 3/4 1974 

H 3 ft- 3AO 82.64 
34 J* 6 JZ 
« . 4 JB 30.62 

SUES 0.02 


9-S 97 JO . ' 5 JB 


4/1986 8 52 . 1/4 a * 06 


INVESTMENT FUNDS 

Tho following funds indude Eurobond issue* wrtMnibon* pottfalios 

Quotations & Yields as at 30th Jnne, 1982 
. SOCIETE GENERAL De BARQUE 
BANQUE GENERALE Du LUXEMBOURG 


25 1572 - unzf zar txm -nr - a Jl ~r. oo 

tt -4 200 SW. - 5,00 l/ 10 /im ' - 24 * 63 . 3 J 7 DHftO 

co ■ JMr urauan ba iff iojb »jb 

OBJ 100 JO • 8,73 73/ 4/1996 » 1 Jl 

so ' lln tfgwaziCB, a nun m 70 iff 10-6S 2: .*4 

•OJ 100.00 , 7- 30 13 / 10/1995 33 7.00 

zp _ . 19 * 1 ' 9 nni nrr na •• ju u.n *7.00 

10.0 MOJO 9 JO IV VMM -15 1/4 AJi 

15 1970 uaxnAr xbbx tva . . 92 an oat njo 

m*» .inojo , a^n u/bwims i itio z-iumm 

Ba- 1971 MM itWT.fi car- • , U a /8 7.*7 H.M 

50 J. 100-00. ; SJO is/a/Mks sr L07 

.Mgg.jnaeatta. oft to.: sax/a bjd «j7' 

WJ 100.00 - - 3 J 0 Of .7/3883 8 67 SJ 7 

nr ■ 1 19 B 0 - man- w 72 -na» 

IOJ MOJO . . SJO. - 1 /W 199 S rn' 12*38 4 J 5 

=3 ««K xjj. nrr . - M jb-ss 

23*0 rmtJB. • BJO -V 4 / 13*0 a- S s/a um 

SjxS 

2tt i* 7 i zam-coar acoxce vs 74 c.ig 

»** 200,00 . 7-00 IV t/mt 3 2/4 

30 Ms* xar awnuto ttactwc' . sf i/a 7.4* 

A 0 J.xta.ru . 5J0 u/vmi ,.a.ij j£|i 

M iMa nr ttABBUo nsciaxc' « « ji 

MJ IW.OO 5.23 . 1 / 12 / 14 ** * 5 .tl II JA 

=5 X 5 U UK RWauta BUCTOC 97 5/1 9.24 

1 A -1 IDO JO ..>23 , 1 / 1 I/J 999 = 3.0 XI JA 

B. 1396 M* TUAROZ nuun « - T ,n 


55 - Z 8.63 
* 3 - 3/8 MO 1979 
« 1/6 4 . 25 - 


7 *' SU 

3 1/4 

97 1/4 7 . 45 - 5 *. U! 

. = 3 * 63 . 14,34 ftrlST* 

« i<tl - 9**34 - 

= 3.(3 11-36 

97 5/1 9.24 «UT 4 

= 3*0 UJAgrtJrt 
59 . .- 7.77 1*67 


90 . 19*0 OUT race XSX S 3 U 4 1 =-S 30-34 . 

50 -Q XM JO 4 JO . 1 / 11/1995 13 JS 

30 - 1*72 JJ. MBGU 0 /* CAP 46 3 /A 6-39 -CJJ 

BOJ XOOJO 4 J 5 - IV 6/1X7 31 1/4 WT 

w _ itM saiouxA jar- . __ iso vs zm -bji 

S .9 XOOJO A- 30 . If 7/063 Si t /4 1-91 

7 1967 »Xnu CAB tJ/C. *3 3/8 4-93 - 4-30 

US MOJO 5 . 375 - 1/12/1X7 8 IS.kT 6-20 . 

30 19 B 0 now. Oft 1 X 8 >9 5/1 JU) 3 SJ* 

50.0 1004*1 10.73 If 3/105 27 .U IMS 

12 . warn . n 7 /a ml bsjo 

< 8.0 XOOJO 9-00 - 15 / 7/1994 8 19.88 7 -tl 

15 19*0 OCLX OTTO to ift IMS 13 J 7 

15 J 10 DJ 0 - 9,00 15 / 11 / IMS 8 17 

” _ .LTsn VZ a; v* s.u imi 

16 J 100.00 . 4.50 1 / 7 / 19*7 13 J 8 - 7.19 

S EW A«»lE 4 a o/S 47 3 /a If -02 134*02 

27.0 MOJO 145 If 9 / 198 * 3 1/4 07197 * 

23 iw znoar nun - 3 1 7/1 si j? iasjo 

22 J 100*00 « JO 1 / 12/1913 6 . 13 . r JA 

ss IDS* J-e* vamx-xa»c 73 3 rt a.is 3-31 

13 J 200.00 6.00 1 / 12 / 11*9 57 1/2 5 J 3 

« - J-C-'MWIE OT FU *7 3 ft 6.65 49*10 

KJ XOOJO - 4 *30 1 V.V130 T 37 1/2 3.99 

73 un ncatco c *r xoi s/a T-u u 

rtJ 100.00 . r JO 1 / , 4/1196 3 * 1/5 A.S 

10 „ 1W» ^ liiumkuufit zar 21 : 9.13; 

■S .2 100-00 . SJO 15 / 12 / 19*4 6 1/2 WH 577 

TUWawujMfnitr nrr n 3ft Isj? 7 «-s* 

».0 100 , 00 . 5 J 5 . 13 / 2 / 19*3 1 = 1 A 3 ,Z 7 1979 

I? 1971 UHRuai 69 * (f JS' 126.17 

3*7 100.00 . . 9 JS 15 / 11 / 19*9 « 3 M * 1 RHB 

SO ' 140 XS 4 ttti . SI 3/4 S.U 0 . 7 * 

41 *s 200-00 3.00 1/ UU 88 17 ** 10.59 BU 979 

so I9H iwntac t uxxs anaci 51 1 /« n.« • u jo 

90.0 100.00 ' 8.00 I/ 1 SAM 5 1 13 Irt S^W 

76 - 1968 aSUAC MX FIR 90 5 ft 5.51 Ut 71 

51.2 XOOJO 4.73 13 / 6 /IW 3 8 29 JJ t -91 

50 1972 MUa ' an ifi . t.a* 

3 B .0 100 JO 4.73 Ul.lflW M .61 6 JI 

A* 1968 XEEKUff ’O-fir, rx. ,1 , w 

SOJ zoo-oo Sjo. 11. 1 

1 ZJ MO - 0 O MJ 31 / 10/7987 * Z. Z /4 4 JO 
13 ' -. 1982 * ccz pnr JK 7 M-art lflJ 5 

1M 100-00 10 JO U 7/1997 8 » ?S 

13 1 wp cot Ornflu c- .a 7 . 7 e 

* 4 J MOJO S -25 WvS 5 * S !S *J 2 

U •• 1918 BXKBUrUK . . lac jn jjt 

15 J IM JO 4 f » 73/ 5 / 19 * 8 - . 33 1/1 jj* 

30 ' 597 Z nentEMV OB * , -1 

30 J;- KBJO SJ Q IV 7/1907 S 3 lft Mt 

JJ ■ . 1979 . JptCtMJTOBcc lar 57 5/8 14JS 

75.0 100.00 8 JO 15 / 12/1994 S 15.13 

S- *.i 2 7 L^ BwwrjAM a* am 

39.0 LOOM ■ 4 . 23 . 13 / UX 988 =1 i/J 1,33 

so. i9)z Muni nrr mr ' to in 5.-4 

5*.0 J 00.00 4.39 13 /VMS 7 39 .M alii 

„ ./^L^^.^ATioas-iairaft 753/0 gjc 


Bo 1/4 B.U 29.79 
=*■61 SJ 1 
*1 Jrt aj* .37-12 
20 . 9.00 0*1979 

26 31*39 

L 1/6 4 JO 29*1 


S Bft . 7.79 SMS 
a/t a J2 wim 
IK 1/3 2*55 -Ml 
B 5 XA 1-44 41*3 


33 1 A MS 4183 
9 * ' 3 Jl -AJS 

33 l /2 MS 
37 Sit 14-34 4 SJ 2 
U .13 . 

U AM ASM 
=2 XA *,53 
79 3 /* 5.56 24 - tJ 
34-38 3.97 

n Sft 6 JC X 4 J 3 


100.00 A.S 0 ■ If 7 / 1 TO a 29 i /3 iojs 
,£££ *1 7 /a a JS *M 5 


V- 3 / 19*9 8 ‘ • = 3.03 11.34 Df 1977 


Ranortvest 



. -First. * . 

Pries 

Itsue 


Pries ' ' 

LuxFrTOW 

LuxFrIOOO. 

LuxFr 222 Z 

InxFrlOQO" 


, ® 5 I W 1 / 7/79 M/A / 82 
High low. High ■ Low 

LuxFrt057 727 

Capltkl Rcncrnveit LuxFr 2322 ‘ LuitFr ifi 74 LttjiFr2m LuxFrl32J 


ft® . ZMar xa a * 67 ju t js 40.05 

30.0 ■ 100-00 ■ '- 4-25 . 1 / 10 / 1987 '. Z 3*(3 11 - 34 - 

=?i .isw iM- suMzurrnr ss - %.k sojt 

20 J ■ MOJO ; SJO 15 /. 7 / 19(0 = 1.63 11 J 4 ■ Tv" 

55 1 H 9 JWMSUt MOI.O/a . » . jjs . 

2*jsmt).00 *573 1 / 6/1983 8 14 Xft 4 J 4 . • 

ao . 1948 'jaiani Aim.*, mat ims sii-x/r '7JS 3t-n 
28Jy.mM.- SM If 2 / 19(8 8 'Bf xitr 
IS- i 9 ao Xfir areas. 45.1/4 la -78 xt-ae 

iM.nxi'.-ut Uftvxus * *u* 

k > wo. u w . iiaiaciK xat to # ' uj ' s jj" -aja 

7 - 5 . XOOJO ■ UB> 13 / 7 /ms a V* tin 

is- us* imannii nrr tat ■ ■ u sui iTiar 
24 28 MB BJO V-VZSM . * I.» . 1 *« 

s ■ ion n twir ouuuxioui. n mi t.tr ts.u 

23 L 0 IflOJO . 3J3 15/6/ on Se* 1:5 

3 d' ZJTk 12 C TMiminoUi irtH H XJ 4 UU 9 l»-w 

BOJr.iaO JO— <tJO - XV 9/1889 13 ^T» j awt 

48 ' 1 s*o_ jjcjarniRTirmM. m ts i/noji 77 j* 
Ao*o larrjg^ &jo 0/10/1995 u 

V4 7.40 38-63 

6 <M* ITOJO_, . SJO - 1/ 7/198* 11 • 6JF ifTj 

30 1SC8 MHB-UaUBB Oft 04 3ft 7-74 >3.1* 

=2J xeruo. , SJO . iv-Visb*. itSs iJamm 
30 1M0 mui OT TO ' A3 3AMJ7 35 Jv 

30.-0- 1MJ0 > SJO uwms 3 " ■ 

33 XhTO-Htad* .' "' . .59 U 8 WC 

30.0 ICO jo -8,30 SIT 1/191 fc S*ar 2J 

UW 4 - mjaansxLwoa'RwuT so n.as .stu* 

■ sj inrun) -. ui iv -7/i9*r ma-ijlu 


■ i= - imi* mu cEBcub tasasRCEs 
-IM WMB • - W .30 13 f 7 /ms t 
25 N/r-TBu utr 62tL ms 
23 J- 100.00 7 >06 : 13 / 1/1993 • 

3 J lOMO T ™?? 0 ?" T I/“ 7/1914 

Sj igfSo PWlfrtnrt 

» MBS ZOBCft tMT yUUUBS 
30 . 0 . 100.00 - - (JD- 15 / 10 / 199 $ 

SO- IM* ZXUBOO XK. 

30,0 1 100.08 ■ 8 . 73 - IftVlW 
» TO TUOKr OIL 4 CM - 
Z 0.0 -U 0.09 . 0.30 30 / 9 / 199 $ 

n ltso- xm urr 

lfl. 0 - 100.00 3.00 -X/S/ 1 M 8 

25 iw tsonrtB' 
tSJt 100*00 . 3.00 2 / 3/1414 8 

- ao' - IS 8 L -VABOO tat rat 
= 0 J 100.00 SJO 2 / 3 /ltM. 

w nii- WDML Taos TO, 

- 90 J HK .06 2 /L 9 SJ 

■Ad 1ML lUK-UMUroUBS (F-A.) 
feo , 100.09 B.U XV 3/1 994 

15 wsa oin non ca , 

xm xoojO' a. 75 union 

30 '- ' 1973 .RmHUM 

aw . 100.00 4.U u film 

8 ft . M 77 01 *l«W 41 da*T ' 

AM 160.80 A. 30 lfitim 

» ■' o*M-m*338ULliaaet- -■ 
7 J 100 J 8 - • ajo . lAartm * 
7 S : ' -1973 . 2 IIIUL CORfOlAfXM 
73 J 100 J 0 Sj* - I/U/ 194 * 

» 1900 JURE UK TO 

VJ .0 10.00 UTS 13 / 12/1993 


■ 47 V 8 IS J 9 19-47 
5 3/4 . 2.71 
81 a J 4 (SJS 
U 1/2 DN977 

00 1/2 XO-U X9B.A0 
8*63 *30 

3 ) V* 14 J 9 31*11 
13 . 11 - 

. ft 3/4 l%n SS.U 
27 6.67 

» l/S 14-35 5 *ja 

IX . Jl 
W . 5.39 -MS 

30 lA 4.7S 1978 

f? Iff 531 107-7- 
H-M 5-89 
30 * 17-00 90*49 
• MO 
74 6 . 3 S 14*91 

MU* 9 .SP 0 FUW 

a»“a* 4 » 

1/2 lUMXttBJO 
=0 1/4 *191 . 

70 ' ' 4.43 B-W 
SO I ft 6.91 
M 3 M Ml U .10 
=0 1/4 6.91 

*4 1 ft 7,78 1 »*« 

33.15 9*34 

IW 1 ft CUB C -07 
V V4 







V * - : 


My IS 1982— 

. .. 


ami -Markets. 


COMMODITIES AND AGRICULTURE 


Further rise in copper 


BY RICKARD MOONEY - - 

COPPER PRICES on the London 
Metal Exchange- rose ' for' the 
fourth day in - succession v ester- ■ 
day. Cash- high grad* foetid, 
which ended.- £13,30- rip' on. the . 
day at £829 a loraitr, has -now 
gained £52.50 -in “less than a. 

' week. "*s . 

The main influence on the r 
market ?®ds tire , cut in • U-§. 
interest rales and. the resulting' 
strength on- gold. ' The rise 
was restrained earjy on 'by the 
strength of sterling against the ‘ 
'dollar and nervousness . about 
the 'possibility ,of- a - te chni cal • 
"correction" foHovang the -.sub-- 
stantial rise of the east week. ‘ ~ 

Further upward Impetus was 
given, however, by a 'Cut in LME * 
: warehouse stocks for the fourth 
consecutive .week. The total fell 
2,650 tonhes to 140,425 tonnes. - 

TTn stocks' were also down by 
■150 tonnes to" 41,980, but . lead 
and' ziric stocks' rose, by i,925 : 
tonnes to 102.625 and by '2,1 00 
tonnes to 66,475 respective^. 
Silver stocks ~-feU. 30,000 tiny, 
ounces to 36.43m, while aftilnin* 1 
inra stocks rose -225 tonnes.- to- 
216,725. Nickel'Stocks were 234'- 
tonnes down at 1.560 tonnes. ... 

- -LME traders -said- prospects 
for copper producers agreeing 
measures to bodst international 


prides at a . meeting In ' .lima,- against speculation, he added. 
Peru, which started yesterday ■ . Cipeit .'officials d>inmented that 
had littld-infiuence* - \ -any: attempt ’to raise prices by 

President Fernando Bebrande, restricting exports ‘ Would be 
- the host' of tiie meeting of the 'kndimgered by the present high 
.Intergovernmental 1 Conncii -of . -level- of copper ^stocks in the 
Copper Exporting Countries U.S., reports Reuter from 
• (©pec) : is pressing for . pro- lit spite of the*gfenerally low 
ducers ‘to agree a nritrimum " level of world copper stocks, 
export price: but in' a pre-meet- stocks have risen three- 
ing statement he ruled out' the ''fold to -221,000 short tons in May 
option bf curbing production. - . from 67^00 tons a yean earlier, 
The- eight Cipec countries^ .according to the American 
Chile, Peru, Zambia. Zaire, -Bureau of Metaf -Statistics, 
donesia, Australia, Papua.. New : Stocks. . outside the U.S. have 
Guinea and Yugoslavia, should .remained' stable, at just over 
agree on a floor price-fo^eep^- 320,000 tonnes, 
per, beneath which they sbooW They said ' another way ip 
accumulate stocks . rather than which copper, producers could 
selLhe^aid. None of the- mem- co-operate to. establish an 
■bers wanted to reduce product ' acceptable international floor 
tion, he added. .pricer for the metal .was by 

They might agree to- delay changing their marketing 
the start-up’ of production , at strategy. _ 
new mines,- bat no .agreement-.. . ■ At present, the .Cipec roun- 
would be possible witeout a tries sell nearly all their' cop- 
basic premise that all existing "per on 'forward contracts with 
mines should keep working, the ^.delivery, dates . set! -several 
Peruvian President, said;", * ■■' „ months ahead. But the officials 
Apart from the economic'*' said 'if- Cipec sold a larger pen- 
recession he blamed low. -copper . centage of its output for imme- 
prices on speculation in "inter- (Hate ; or short-term delivery, 
national markets. Agreement this'' would introduce a new 
between the four largest expert- element of uncertainty in the 
ing ■ nations — Chile, Zambia, ; metal markets which, could 
Zaire, and Peru — was funds- result in. speculative- pressure 
mental for success Jti the battle to drive prices upwards. 


Drought hits Australian wheat 


MELBOURNS^—Tbe I9S2/83 
Australian wheat harvest is ex- 
pected to . produce between, J0m 
and - 14m tonnes, down ‘from.' 
abound 16.4m fit 1981-32;“ 'Aus-' 
traliari Wheat J Board . (AWB) . 
manager Mr Max Moore Wilton 
saSd' h.ere' yesterday.' : . ■ 

. -It was- difficult to estimate- 
production with any. accuracy; 

1 because-- diy*WMther' had pre- 
vented growej? .'. in / some 
regions from planting,, he added . 
But the lack offiain meant Aus- 
tralia could, .not match.' ’■last" 
year’s .crop, the-second. highest 
Crop- on record, he said: ■" 

■ Mr Moore Wilton said ’latest 
indications put maximum likely • 
rbdnction at about 14m tonnes. 


northern New South. Wales and 
southern - Queensland ■ where 
most of Austria’s prime hard 
varieties are produced. - 

Both ' the Bureau ', .of 
Meteorology and' the privately- 
owned Australian Wheat Fore- 
casters have noted dry -condi- 
tions in many of Australia’s 
grain growing areas; in the past, 
few days. " 

Hie AtVB's experimental 
method of selling wheattjtfough 
international grain trading 
houses' had 'failed to find any 
buyers, . Mr' Moore .. Wilton 
reported. ' 

In May, ; the Board asked, 
traders to tender for up- tp: 
200,000 tonnes of. wheat for 




-unacceptably . low and none 
were. granted. The tender was 
seen as a trial run and* a further 
one wUi be 'announced when 
market conditions are -more 
favourable. Mr Moore , Wiltbn 
said. ‘ 

: Reuter ' - * • ” . ' '- 


No decision 
. on Soviet grain 

' ^Washington — u.s. Agri- 
culture Secretary Mr John Block 
said. President. Reagan made nb 


(. v n , j.i.n r ■ 


to be reduced incoming weeks if - 
there was no significant rain- . 
fall The effects of the dryspeH- 
on yields have reached a critical ‘ 
stage, he warned. „ ' 

The worst affected areas ar^j 


LONDON OIL 
SPOT PRICES 


specifying .a . desination. It 
usually restricts . traders ' to 
sales to '. destinations where it 
does not normally sell itself. - 
- Current - market, conditions 
led to the tender prices being 


GAS OIL FUTURES * 

Reacting sharply to The Opec's lack 
ol agreement the market fell through- 


ing On future .grain sales to the 
Soviet Union. .. 

•But Mr Block said he will 
press hard within' the Admins- 
itr&tipQ for a’teade arrangement 
of some kind with’ Moscow. 


U.S. sugar 
imports 
below quota 

.. WASHINGTON — US. sugar 
\import5 . during, the seven 
weeks' following- the imposi- 
‘ tion' iff ’to controversial 
import restrictions (May .H 
to June 30) totaUed 17933 
. short’ tons fiaw vmueL only 
184 per cent short of the 
22 0,000-ton quota set for the 
period, the u.S. Department 
. of Agriculture (USDA) has 
amuraneed'Teports Reuter. 

. The shortfall is due mainly 
to unfilled quota . allocations 
for Australia, Peru, Thailand, 

■ Mozambique, ' Taiwan and 
Ecuador. 

The USDA said unused 
quota - allocations for the 
. period could not' be carried 
over to the new quarter which 
began bn July L ■ 

' In London leading sugar - 1 
trade house C. Czarnikow said , 
-there were many Instances in 
“the. EEC sugar beet area of 
below, average numbers of . 
- plants per hectare aim that 
ftis was bound to be reflected 
in- . final sugar production 
figures-. 

..In a recent survey ’of ' 
several Community countries, 
Czarnikow _ found many ' 
-instances where there were 
fewer than 60,000 roots per . 
hectare against normal figures 
of between 65,000 and 85.000 
roots. 1 • 

Reuter, 

CaQ for pest 
control scheme 

BAR ES SALAAM— Seven East 
African -countries have called 
for the immediate estabhri]- 
ment of a joint armyworm- in- 
telligence system in this region 
to -prevent the. spread of the 
pest 

According tb the Daily News 
newspaper. . the call was made 
‘at- the end of a' five-day inter- 
. national workshop in Anisfia. : 
Northern Tanzania^ on the con- 
trol of armyworaos and other! 
migrant pests. 

The seven nations, members 
of the . Desert Locust Control 
Organisation for Eastern Africa, 
also recommended that national 
governments . should -allocate 
enough funds to enable effec- 
tive implementation of national 
pest control programmes. . 
Reuter 


VEGETABLE OILS 


Indonesia seeks to boost output 


BY RICHARD COWPER IN JAKARTA 


INDONESLA-Mhe world’s lap- 

■ gest producer and - exporter of 
palm oil after Malaysia— is set 
to achieve its best - palm oil 
output o| §00,000 tonnes this , 
year as new acreage comes into 
production for the first time. 

Crude paflin ofi salps. .abroad 
however are expected to fail . 
for the third year running to . 
around a. third of. the levels 
recorded in' tee latter part of 
the 1970s. . . 

The sharp decline in 
Indonesia's vegetable oil exports 
(coconut oil exports, ceased 
altogether in 1980) ha s led 
some experts . to predict teat 
Indonesia ' may - ultimately 
become a - net .importer. 

Over the’ last three years the 
‘ country’s, .net vegetable oil . 
surplus has been declining quite 
rapddly in the face of growing 
home -consumption. •• Combined . 
Indonesian, vegetable oil output 
(palm oil, coconut oil. peanut ' 
oil and others) grew from just 
under L3m .tonnes in 1979 to 
. 1.5m . tonnes last year, an 
• increase of just over 200.000 
tonnes,. But daring the same 
. . period domestic vegetable oil 
consumption, according to : 
western expects, - ' grew even . 
faster. They say ^consumption 
grew py around 350,000 tonnes ’ 
from 846,009 in 1979 to 12m 

tonnes last year. ■ - 

■ - 

| If this trend continued — con- 


sumption growing at 15 per cent 
a year and output at just 5 per 
cent — domestic demand would 
overtake supply in 1984. 

■ There 'are* a' - number of 
reasons why tins -is unlikely -to 
happen so soon .however. With 
the Indonesian economy, enter-. 
Ing hard times, demand growth 
is likely to slow, to perhaps 5 
per cent a year. . In addition, for 
tee ntart few years at least, total 

vegetable oil output should grew 
at a slightly faster rate — per- 
haps -as much as 8 per cent a 
year... ■ • . ... 

In the longer term, much will 
depend on the success- of 
Indonesia’s ambitious' palm oil 
expansion programme, which 
aim.g to more tea h double output 
by 1988 to around 2m tonnes. 
Even a reduced target of 1.6m' 
tonnes (which experts say is 
more -feasible) could . stave off 
tee need- for large imports for 
some time to come. Much too 
irill ’depend on whether Indo- 
nesia can encourage coconut 
smallholders to switch to new 
hybrids on a large enough scale 
to increase output of coconut 
oil. 1 

Indonesia is tee world's lar- 
gest producer of copra after the 
Philippines but it has not ex- 
ported copra or coconut oil in 
anr quantities for more than a 
decade. 

The Government’s recent 
policy of. attempting to force a 
shift . .ft-om L coconut-based * Co 


palm oil-based cooking oil - was 
to boost coconut oil exports, 
..which for some strange reason 
the Government -felt had better 
long term price prospects. In- 
donesians still prefer coconut 
oil for cooking and ironically' 
since the new policy became 
effective there have_ been no 
coconur oil exports at all. This 
is likely to Temain the case for 
the foreseeable future. 

Accurate figures are hard to 
come by, but -western experts 
say last year coconut oil output 
slumped around 15 per cent 
from 798.000 tonnes to 676,000 
.tonnes due to a poor coconut 
crop. There should be a par- 
tial recovery this year but it 
seems unlikely that there will 
be any dramatic increase in pro- 
duction over the next few years. 

Experts familiar with the 
local palm oil industry say they 
expect crude palm oil exports 
to fall around 13 per cent’ this 
year to about 150m tonnes, the 
lowest level since 1968. Last 
year the poor coconur crop 
coupled with the government’s 
.new policy of forcing Indone- 
sian cooking oil manufacturers 
to ' switch from coconut oil to 
palm oil as their main source of- 
r aw material saw crude 'palm oil 
exports fall by.no less. than 60 
per cent, from 434m tonnes in 
1980 to 172m tonnes in 1981. 

However, unlike 1981, tee 
anticipated decline In crude 
palm oil exports this year' is 
' less* ~A result of an overall 


Cocoa buffer stock plans studied 


BY TERRY POVEY 

PLANS to boost cocoa prices 
were-presented yesterday to tee 
first session of the International 
Cocoa Organisation’s (ICCO) 
meeting in London. - As well as 
how best to utilise the 975m . 
loas from -Brazil, tee delegates 
at the week-long meeting' 'vrtH. 
also be discussing proposals for ■ 
an- increased ■ levy on sales and 
the organisation’s intervention 
price system- 

It. was however the deferred 
payment purchasing scheme put 
forward in a paper- to the coun- • 
cil yesterday morning by Mr 
Kwesj Hackman, the JCCO’s 
executive ’ director. teat 


attracted most interest * The 
scheme would add 150,000- 
tonnes to the existing buffer 
stock, bringing it qp to 'a total' 
of just over 250.000 tonnes. 

Consumer delegates quickly 
expressed dissatisfaction with 
the scheme. Some of them 
claimed that it lacked adequate 
safeguards for the standard of 
care and maintenance of such 
large amounts of stocks remain- 
ing, as the ^plan intends, with 
the ' producers. 

They also asked for clarifica- 
tion ever ICCO rules which 
stipulate that buffer stock cocoa 
should be available immediately 


to the market should the price 
reach! tee level* specified in the. 
agreement. “We are not sure 
if cocoa left with the producers 
but inade part of the buffer 
stock by the scheme is in- fact 
immediately available to tee 
market,” said one delegate. 

- Also part of Ur Hacwman's 
plan is the suggestion that the 
Ivory Coast, a non-member of 
ICCO and the world’s largest 
cocoa exporter, be asked to 
stockpile a further 70,000 
tonners. Acceptance of- this 
move by .the Ivory Coast is 
uncertain due to its strained 
relations with the ICCO 


vegetable till shortfall than o£ 
the government’s desire to shift ; 
from crude palm oil exports to j 
refined palm oil exports to ( 
increase added value and to ; 
help improve long term pros- 
pects for the - processing 
industry.. 

The anticipated 22,000 tonne 
decline in crude palm oil ex- 
ports this ’year could be more . 
than made up for by an increase { 
in exports of R-B.D. palm oil 
and palm stearin. Western ex- 
perts forecast that these could t 
jump bv around 40 per cent '■ 
from 10S.000 tonnes in 1981 to : 
150,000- lopnes this year. A 
trend of declining crude palrar 
oil exports coupled with small ^ 
increases in refined products 
seems likely over tee ne.vr few 
years. i 

Few would care to predict ! 
with any certainty however t 
wheteer Indonesia will ever re- { 
gain its- former share of the , 
palm, oil market. . For tee 
moment at least, it seems highly l 
unlikely teat Indonesia’s com- , 
bined crude and refined palm nil 
exports will touch the 430.U00 
tnnne mark Which prevailed in 
th<* latter oart of tee 1970’s. > 

- Unless there is a dramatic in- 
crease in coconur oil production, 
palm oil exports seem set to re- 1 
main at around the 300.000 
tonne mark for the new few ' 
years with the very real possi- , 
hility that sometime Inter in tee 1 
decade exports, might cease al- 
together. 

Ivory Coast 
coffee crop 
forecast down i 

PARIS — The Ivory Coast’s 1 
1981-82 coffee crop is likely to J 
be considerably down on last l 
• year’s exceptional harvest of 5 
around 361,000 tonnes, but well 
above some Abidjan trade esti- 
mates, French coffee dealers t 
said, here yesterday. 

They estimated 1981-82 output 
at between 300,000 and 330.000 
tonnes. Some Ivorian traders 
recently forecast a crop of well 
below 300,000 tonnes. 

Most dealers added that this 
year’s crop would be of poor 

quality. 


BRITISH COMMODITY MARKET 


AMERICAN MARKETS 


BASE METALS 


ol agrmmcntih* market tall through- l»ll- l months £2.985. Tumovar: 372 ion nos 

out the day. In.tha aftamoon sailing BASE-METAL PRICES gamad grbuhtf 'b»." ' ‘ • — * 

— movad from tha limit-down New Yortc the London Mata I Exchange p)pptr, . .5 1 LVER 

lange market to London, reports premier &!K j Zkic advanced tn th e~w»*a, . . * •* ■-.-• •• 

or— Man. of die. cute in U.S. mtac*at rates ..ae -.v-, LME— T timooer.-- . 173 • (861 -tens c 

■ — 1 ^ in non Mamina- Three month 


£2.980. 86. Afternoon: Kerb: Throe August fob price for No^ RSS in PRICE CHANGES 

P<1 HOC T m ...... lurAnnr nl 'VY? INHIlK 1 1 Wl inifiMtoW 


: ArebhfcUght. :* 

iHUilarrligtit: „>aO^Q*5L.26. L -D«6a * 

AtaWanHooyy 2JLXO-B9 , 

JtorttLSeaiFartlasM5i-00-53.&«--O^7 . 
AfricanvBpKnx JJ’htJ(5S^6>34-5fil^-0-26 


,n • 3 Mo Alt vbafc«sr!*l+ or i «iwm« 

;.te-Jd*S : «l Moptr h - Vloae’.^ - 1 Done. 


of die cul l m U.S. intaegat rates ..fle ^w,LME— ' Tumoear.-- . 173.- (86L -ttns ol- 
TrkfijT widi tha jpnoepecte .ol.. .to. 000 ars. Morning: Three months 

••• *z r ^*-:?TL c 76 ^n-)^ : = 


Kuala Lumpur of 202.0 (202.5) canu 
a kg -and. -S MR. 20 MiA -taem*)*. . . 

No. 1 : Yast’r'ye , Previous ■ Business 
RSS. close ; ■ cslose Dona 


In tonnes unless othsnwise Stated. 


July 12.1+ pc Month 
...aao 


-j 

. .par tonne 

;■ 266J50 S-a. 


. £B<% nber* J846. Lead ended « £337 Three monihs' "376'0.' 7B.5, "TT-O: ~ 

•• S •hSS JuS. 1M . W. Afwxhocn: Three: ‘ £KS»U«t.« 

.closino'at CU10. Altmilniiiiir add aSral n'. 7 ^' urn 1 Jwl-Ntor . mIm-Ilw 1 64^^4J9o!_ -• _ . 


. PRODUCTS— North '' 


Premium gasoline.. ..'340^4* .+-0.60 

Gasoil- .-t_..j2VM7S- 1-4 JB 

Heavy fuel all. |l 68.5. 170 j+O^O 


GOLD MARKETS 

Gold rose $15- an ounce from 


Maroh...^_l 2B1.00 j-a^r - ' WghGr de — 1 — 

jjjy.-Mn.n.im.a. - *»':*risa ffldffel WZ'W- = • JK&raSWKifiR^ 

• - - ■■ ***y*T^ r oja.5 r 17 -^ — -1- Silver was fixed : 1.45p aii ounce ' * 

f C|lhiaM„ 109^01 1+22 j 797*9^ * bulFion rnorttst yteurdsy yjgjr-: SOYABEAN MEAL . ; 

3 monthi 811*2 U5. 2& * ■ + WMflcBt yostfirdsy €t ' 

*•'*' ~ SettJem’t 801 1+22 i — D.S. cenr equivalents of the fcaJH" The market opened- alightly lower 

: ue pn>d. I — r6&-70-75 ^vals were; spot 8306c, . up 6.90c:' on stop loss trading, • reports T. G. 

- '■■■■'■ ■ . . . ^ •' . . Uiree-mowth 6S3^c,- op ELBc; aix-monihi Roddick. Prices steadied on mixed 

($334.18 per ounce) in tee after- - AmafSMMeed MatM Trading re^ftmed 876.5c. up 8.1c: and 12-moniK 719.Bc.' buying. » . : • 

noon compared with FFr 78,50#“ *ft.KV the jnoming cash Wgber Grady yp. m " t * 1 owned at 367-.. y KSt . rciv% Ur~ e) / 

($334^12).. in the morning and- Iffi -* nd doa ^ -« . '"g* S r ^*J r \ ®S5T.. 

ji'c’- 7-t non ISSIRMI AnVrlriAV £836. QO, BiB, 36.00, 37.00, 38-00, 41.09, - 3 Kjj. (62^633c). - - ■ • ■ 

KSeSSP* ^ ' • . &<*>• - «J0. JI.00. 42.0A Mj0a.4U°L-- ' . ..... .. » 

afternoon. - - - • - -tiedsodes, three months £828.00. Kerb: COCOA -- - per formal* * - ' 

In . Zurich . gold finished, at Higher., grades three months ISSO.OO. : • T - i V ! 

JS43-S344. • • • . 39^0; 39l-SOJ 40430, 41.00. 42.00. AttBB-: Futures." remained quietiy Steady xu-i,*. 12S.W4U— 0JB 128J0 

. - -- v • ,- • •• ooonc Higher Grade, three monibe, markpt participants awaited fresh . October — , 1WJH 29J+DJKI 729^-26.90 

" • ‘ £836.00. 3706. 37.50. 38.00. 38.50, 41 J». news. Irom the ICCO ducussions. Dec...„ _i 1B.QML2 +OJ0 183.1M2.7n 

I OIUnAN nmiRFA * • • SZOP, «-50, «1.00, *1.50. 42.00. Kerb: Modest Wen African sales were. Feta 1 “HMK “5*2 .- 

LunUUN rulUrfCrO- - Hioher 'Grade, dime months £846.00. absorbed by commission house and April 1I7JD-8U +OJ25 — 

jYesfrtay^l +or I Bustnen" 46 J3Q. 44.50, 44.00. 43.50, 42.30, 42.00. ; bade short- cove ri eg,' reports GUI and ■ 1._\, __ 


i IIS 4 ^S 5Wlip 

faSS^ifSasS- '-Z ! 7": were: Spoi 49.00 (uei); Aug. 51. OOp 


. Cathodes 

• Cash T99-801 +22 | 797-0 ^+J7- 

^3 months 011-8 [+6^fc 814-6..., +16 


Metals 

Ahimlnlum ..... 

. • FraeMkt. 

Coppor— 

Cash h grade.. 

’4 mths 

Cash Cathode. 

_ .5 mttis 

Gold troy oz ... 

Lead Cash 

3 mths. 

Nickel 

Free mJrt_ 


i t - ■■ *. i 

JXBlOiBlE 1 .: *£810/816 

S B 60/9 80".: .1. _1 :3818f946 

’ £820:. . + 16.6C724A 
.£841.76 +18.6X748.26- 
.£816 .-+-17 XT 15.75. 

£389.5 j +44.5X73 9.5 • 
. $34*-. -+1S :|$31B.5 
£383.75 +2X5X287 i- 
£334.76 +2.5 £207.25, 

£40 BQ I; £3922 

23 5/Zfi5c 1 ,'235/ZEo 


9342-53423, With most Of teE rise afternoon.:' ’ ■ - J •• SdtodM. three months £S28.00. Kerb: COCOA 

occurring in the. Far .East. xn ' In Zurich gold finished. «t. 40 b<mk- grades three months £8«o.oo. : ■ 
response to a lower dollar. -and $345^3441 • - v - ' • . 39X0; aa.-so* xoxo, 4i.oo. 42.00. Attw-: Futures.- ra 

a- xharn fan in .IT 'infPFPSt •• '• v.? i *•• ooonc- Higher Grade, three months, M msrtcpt pi 

Utl* £836.00.3706.37.50.38.00.38.50.41X0, news irom 

its DOSi: level waS 7»W- I rttannw FimiRrO •• ■ «2:0P, 4.1.50. «1.00, *1.50. 42.00. Kerb: Modest Wes 
^342i and the low- for tee doy LONUUH FUTUnCti Hiofier • Grade, three months £846.00. absorbed .by 

was 3337i-$338i. , . iYest-rdartl +or I 15X5* 46.00. 44.50, 44.00. 43.50, 42.30, 42.00. ; bade shon-w 


Platln’mtroz*yX260. - 

Freemkt. £169.90 

Quicksilver* ._ 6360/378 
SHvortroy oz... 365.4^ 

3 mths. 374.35p 

Tin. Cash — (£6670 . 

3 mths _.,£6802.6. 

. Tungsten2Ulh|610S:48 

Wolf rm 22.4IObs[6113mfl. 

Zinc Cash £431.5 

3 mths JX432.S 

Producers. _.i»800 


- .....JX260 ■ 

■ +736X156.05' 
.)S370/BB0 
;+L46328.86p 
:+l£8639X6p 

|- IX67B2A - 

.i+5 £5940 

. i 

f.i I6111H4 ^ 

;+10 £382.5 - 
+6X76^381.25 ■ 

U Hmoiam-. 


was - - • . . Month jYesrrdays] +or | Business 46X0. 44.50, 44.00. 43.50, 42.30, 42.00. r 

In Frankfort tee 121-kilo bar - Month j qiq,, , _ | Dona .«ixo,, 41.50, 41.00. 40.00. Tumovec Duffus. 

■ "was fixed at DM 26.SS& per kilo . 1 j-r^— i— 1 l rr s — 32000 ■*>«!“' ' V 


wjj* : j t i 

Coconut (PhiD |8487.5v -8615 

Groundnut ...... S557.5v .-42^ '9590 

Unseed crude[£363 r._! ! : 

Paftn Malayan IS422J5 ’,-2.5 16607.5 


NEW YOflK. July 12.- 
PRECIOUS METALS weakened on proflt- 
tsking while copper mairmined a 
'steady tone’ orr etrariger sterling. 
Heating oil was limit dawn on a break- 
down of Opec .negotiations. Cocoa 
i allied ahead of the- Icce- meetings on 
commission house short-coven ng. 

Cotton was strong on continued con- 
tain about The si*a~of the UIS. frpjl 
The livqetock complex was mostly 
-higher, on good Clearance last waek,. 
reported Heinold. 

Copper— July ,63D0 (62.90) Aug 63.50 
163.60), Sept 64.10-64.20. Dec 06.40- 

66.60.. Jan 67.25. March 68.60,' May 
70.20, July 71.46, Sept 73.15, Dec 75.35, 
Jen 76.10. March 77.55. May 79.00. 

Potatoes (round whites) — Nov 68.4 
(68.2). . Feb 7015 (72,0), March 77 A. 
Apiil 87.3-87.5. Seles: 383.' . 

. tSilver— July £23.0 ' (638.5), Aug 
826.0 (642.3). Sept 633.0-638.0, Dec 
567.0-661 '.0. Jan 666.0. March 680.0- 
G85.0.-May 688.0.. July 714.0. Sept 730.a 
Dec 754.0. Jen 782.0. March 778.0. May 

794.0. Handy and Harman bullion spot: 
629.50 (624. 00).' • 

Sugar— No. 11: $ept 8.50-B.63 (8.36). 
Oct 8.78-8.79 (8,52), Jon 9.15-9.35. 
March 9-84-9 AS. May 10.06-10.09. July 
10.33-10.36. Sept 10.58-10.60. Oct 10.80- 
10.66. . Safes: 6.638. 

Tin— 639.00-540,00 (534.00-535.00). 

CHICAGO. July 12. 
Lard Chicago ‘ loose 21.00 (same). 

. Live- CatBe— Aug 6440-64.® (63.85), 
Oct 61 JO-61.75 (60.85). Dec 62.20-62.25, 
Feb 61 .70-61 .62, April 61.25, June 62.25, 
Aug 61,50. 


Live Hogs — July. 01.35 (60.90), Aug 
60.30 -60. uO (59.22). Oct 57.45-57 .SO, Dec 
57.10-57.25. Feb 54 75. April 51.00, June 
51.95. J-ily 51.97. Aug 50 45. 

ttMaice — July 264» r 264» fl (263*.), Sept 
2621.-263 (2B3 1 *). Dec 26*1,-284^. March 
2784.-2781.. May 287»«. July 292>«. 

Pork Bellies — July 81.02 (79.02J, Aug 
78.05 (76.05), Feb 75.05-74.75. March 
.75 C0-74,60. May 71.20. July 71.97. Aug 
70.70. 

tSoya beans — July 6181.' (61 7 1 *), Aug 
619-619H (618»i). Sepi 817-61 7>i. Nov 
620V K21. Jan e3P.-636b March 652^. 
May 666V July 677h- 
[1 Soya bo an Meat— July 180.0 (179.3), 
Aug 179.5-1 78 .0 (179.1). Sepr 179.5. Oct 
179.0. Dec 182.5.-183.0. Jan 185.5, March 
190.0-189.5. May 195.5-198.0. July 300.5- 
20J.0. ’ ' ' 1 " ' 

Soyabean Oil — July 18.71-18.72, 
(18.691. Aug 1879-18.80 (18.74). Sept 
J8.93-18.94. Oct 19.12-19.'15. Oec 19.46- 
19.48. Jan 19.70-19.72. March' 20.03, 
Mav 20.25-20.35, July 2b.45-20.55. 

(Wheat— July 329 (33CP4). Sept 34Z>r 
.343 (343\), Dec 365V366. March 379- 
379V May 3854-385'. July 379»*. 

WINNIPEG. July 12. 

S Bailey— July 122.4 (123.7). Oct 118.0 
(120.0). Dec 120.5. March 124.5. May 
127 0. 

All cents per. pound ex-warehouse 
unless otherwise stated. *S per troy 
ounce. 4 Cents, par' troy ounce, 
ft Cents per . 56-lb bushel. t Cents 
per 60-lb buehef. Ij S' per abort ton 
(2.000 lb). 5 SCari. per metric ton. 
§§ S per 1.000 cq . tt; t Cents per 
dozen, tt 5 per metric ton. 


nun» 4A.WU u h .-U-AI* e«V|WV»r • \ - p TU-M t.-JJ I 

(5^9.73 per ounces against . ■- 5352* • - 

DM 25^70 (S323.75) previously Aufluet-...H«7^<w.M Utjm isb^wjhj 

and closed at S342?JS343f. 


-bar- was $340.50. „ - . Januaty - -i2Q6. 6 4-6.40 + fi.gsar - 

In Paris the. 12»:kilD'bar was . Tqmow: 1J08 («08) lots «f 
fixed at FEr '73,500 per kilo troy ounces. ‘ : - 


JuJjr ra 


'Settiam^j 6670 


- ■ Sales: 51 (88) Iocs of 160 tonne*. 

COCOA * + or Business SOYABEAN Od^-The' market -opened 

COCOA uy - slightly higher due to ■ weaker dollar. 

£ per tonne Price* firmed further on tight' trade- 

: — ' — ’ r_- buying. Closing prites end bustness 

July ‘ 88£S8 +10JD -89G83 -• don* (U.S. S per tonne): Aug 484.50. 


'ZZZ K>f ^' " COCOA--- *CtaS? y "*+ or Busings' SOYABEAN OIL — The’ market -opened 

a.iru +or p.m. j+or _ ‘ slightly higher due to a weaker dollar. 

TIN- Official — Unofficial! -?-f £ per tonne Price* firmed further erf tight* trade 

. ‘ 1 _ T~' - . .j ~T7 - — — - — — " buying. Closing prices end bustness 

High Grade £ £ C . - ■£ 4u)y ea&S 8 . + 10J3 -89083.- don* (U.S. S per tonne): Aug 484.50. 

929-30 +14.0 930-19 . 487.00, 485.00-484.00; Oct 486.50, 

3 month* 6780-5 -IB 6795-800 +2f • n ac _ 970:71 +13.01 971^s0 ' 437.00. 488.50; ■ Dec 488.50. 489.00, 

6870 -5 , - March-...- '1002-03 . + US 1 1008-95 ' 490.00; Feb 434 00. 495.00. untraded: 


July 9 ! 


NewrorK — — ^ . icCO — Daily price lor July 12; 73,40 

-.•To*— dooming: Standard, ce*h £6.640, i (72.51). Indicator price lot duly 13: 


Gold Bunion rflne ounce) - 

Close .-.’.S34Bt ) i45 1 2 i£197U-i»} V) B337i*-3Mi* 

" l8MM*S s » 4M97-1B7M) -.6383-32334. 
MorrtJitg fbcinSf. $338.60. ' (£194.988i 1&322.35 

fiiclnS:l*»43 . .. . j£197^973 l»328J5p 


- - ■7*. GoJd Coin*. July 12 . . / 

^ Krugmd j350I»-33iu «2013r S02la1 iWnfl SW . 

i; 5si sar.-- a»;r , 'paaar 

ssssr ttLx’ia,,. gisSim -llfsss ga, . 

N?W toT S8VS1J* - . IfflO eagles : = »3«0-MO, 


■ 45. 50, three month* £0,780. 70. 75. 80, = 73 24 (73^2).. - -. - .-■ 

- .- - -8S. 90; 85. -* Kerb: Standard, three- -* - 

®S25*"?SSy*J months E5.780. Afternoon: Stand a id, COFFEE 

v cash £6.680. *hree monttw £5.780, XT. * ^ 

SiSA'InS! "■ 96. s.800. KeA: Standard, three months Dealer baying -during e ' slightly - 
l*;uK).eu2) • .ggjgoo; jo. 6.800. Turnover 750 tonnetf. \ easier opening absorbed early com- 

' — 1 --- mission house selling, reports Drew! 

■ ; ;" r , f n ) nS" 1 ,- , , ,+ B, I„ I*g-. . I+ ?T' Burnham Lambert.- Initial losses were 

ij (£51-52) LEAD I Offiotl | - ;Unoffictal —1 recovered but at the close prices - 

io (£51-521 *' -V • r o ! o ■ ST' retreated' -again. 


SUGAR . . 

LONDON DAILY' PRICE— Aow auger 
£11600 (£112.00) a tonne -'cil- July-Aug 
shipment. White augar daily price 
£1 55.00 (£152 00). 

i -- ■ : ’ : - 

No. 4 Yesterday' Previous Business 
Ccn- oJoee 1 close - ■ done 
tract , . ' t - 


Seeds i i ’ 

Copra Ph tip „.S315 I...1..J8340 

Soyabean (UA)!f2B5' - .16264 

Grains ! 

BarieyFut. Nov|£10&30 +0.3 <£104.08 - 

Maize £156.00 ; £136.75 

Wheat Fut-Nov £113^10 +D.«t£108.90 
. NoJHardWlnt 1';- t 

Other 1 ! ' I 

. com modi tie* i 

Cocoa Shlp’t* '£955 1 + 14 >£890 

Future Septi£929Ji 1 + 14 |£891.5 
Coffee Pt' Sopt£l083.5 !_10 i£llll.S 
Cotton A. Indexes. 53c j+0.6 76.15o 
Gas Oil Aug-... . S270.5 f-9^ i»2B5.5 . 

Rubber (idle;... 4Bp , i. |4a.5p 

-Sogsu- iRawi.... £116v ;+4 [£97 

- Wooit’psBI* id. 388p M)Oi— ...... |3B7 pld lo . 

t Unquoted, x Aug-Sept. '.v July-Aug. . 
w Aug. t Per 16-Ttj. flask. * Ghana 
cocoa, n Nominal.' 


EUROPEAN MARKETS 


ROTTERDAM; July 12. 
Wheat— (U.S. - S per tonne); U.S. 
No. 2. Red Winter July 142.- U.S. No. 3 
Amber Durum July 167. Aug 160, Sept 
171. On 174. Nov 177, Dec 182. U.S. 
No. 2 Northern Spring. 14 par cent. 
July 176, Aug 171. Sept 172. Oct 174. 
Nov 176, Dec 181.- Canadian Western 
Red Spring July/Aug 197. . 

Maize — (U.S. S per tonne): U.S. 
No. 3 'Yellow afloat 125. July 124.59, 
Aug 122, Sept 120.50. Oct/Dec 120.50. 
Jan /March 129 sellers. 

Soyabean* — (U.S. S per -tonne): U.S. 
No. 2 -Yellow Gdlfports Jtfly 249. Aug 
250. Sept 251. Oct 244.50. Nov 244.50. 
Dec 349.50. Jan -255.75, Feb 200, March 
263.50. April 266 tellers. •- 


Soya meal — (U.S. S per tonne): 44 per 
cent e float 213. July 213. Aug 214. Sept 
217.- Dm 218. ■ Nov/March 226 sellers. 
Pellets Brazil afloat 217. July- 217, Aug 
218 50. Sept 224.50. Ocr229, Nov/March 
24* seilBts. 

PARIS. July 12. 

Cocoa — (FFr per 100 kg): July 1070 
asked. Sept 1C95-1110, Dec -1140-1 155. 
March 1195-1203. May 1225-1235. July 
1255-1275, Sept 1300-1310. Sale* at call: 
Nil. 

Sugar— (FFr per tonne); Aug 1B6S,' 
1875. Oct 1725/1726. Ntrv 1710/1720, 
Dec 16*0/1690. March 1730/1735, May 
1760/1775. July 1780/1790, Aug 1810/ 
1820. Sales at call: 4. 


rEJO4i a -l04®fl iViot&rlaSov ' 888i*-9Q»j (£51*62) ' ' -• *.• .. £ j £ I £ . £ •_ retreate 

(£53-53 lei . (French 20a .374-84 ■ . GmhJ 3B6-7 ,+BJ5 i 321-2. -T.5 

f£21l# : 321 • .[aOpeoeMoJC M17MM - WW-241 3morrthri 337-.5 r+8 33£3'->U ' COFF1 

tE201ia-B02aa1 lOOCor. Auet 8822.1-5S4.B ICHD-IM.. ■ Settle m’ti 317 +BL5-I • . 

«H6M3»7) ' OO Eaglet .- 339G40O, (fi2?4it-B3Q). UA3pofl “ : 



-COFFEE- Yb 2j^ y . _ . Done” " Aug».> l 1M.15.-aB-J5'117.4n-t7A81t0^0-1?An 

Oct ; 125.88 26.7D 122J8-22.95 127.08-25.00 

.. ■ 4An^..«J52.0836.7a;i2BJlOJa.OO:- — 

uTv 1225-27 -5.5 | 1355-84 MarehriSB.SO-SS./OlJLSBaBJOllSO.TWtUB 


UiWlMiwCrt 2200 . 1082-85 -foe' lolUl 

-j months £332,00. 32.50. 33.00. Afternoon: March 950-52 -6.0 ■ 962-52 


Three monSha £323.00. 31 £0. 32.00. -^p« y :..:: -93a3t 6.5 h -960^*5- -tonnes.- - 


MarchTiSe.v858.70 158,2856301 ISO. 7WM6 

May < 141.084 1.40 ISBJJO-aB J0| 1*0.00-59 M 

Aug J44 Jfl-45.50' 34 7.00- 42.50/ J44.W 42.50 

Oot._... 14888-49.00: 140.0860 JW| _ — _ 
Seles: 3,818 (3,013) lots ol 50 


International Year Books 


• Accurate, up-to-date, easy to use... 

• Fully revised 1 982 editions now available 

MINING 

Essentia! corporate and financial infornrafion on ; 
over 700 companies involved in.ihe : mihing,. 
production and distribution of minerals and ores- 
throughout the world. 

207 x133mm 700 pages £34.00 ' - 

OIL AND GAS 

The coraprehehsK^-Internationa! guide tdthe 
actlviiy andfrnancial performance of 1000 ^ 


93.00. 34.00. ».00. 36.00. Kerb: Three -duly 920-26 -1.5 ; 

IHUlAl/TKhl V, m VtM TurnmOl- 


month* {336.00. 35.00, 36.00. Turnover: 


Tate and . Lym delivery price lor 




/. ICO Indicator price* iOf July 9 

aurn. phorr p.m., +or (U.S V cents, per pound): Comp .daily 


end £222.50 (£218.00) lor export, 
.international Sugar Agreement (U.S. 


ZINC j .Official - — [Unofficial -t vn3 11*55^16.0*1: 1?day average 


i “j £ US-37 (119.70). 

OMlLreJ +H 421-2 +23 _ D .j Me 

3 monthil 42B-JS +17.S 4B6-J26 +5.57 GRAliVO 

S’RWllt.J 426.6 +11 - 

Primal - 35-73 " 


Caribbean ports. Prices (or July 9: 
Daily price 7.78 (same): 15-day average 
732 (7.24). 


- Ztn6-»Mamvtfl: Cash C42630. three 
months £425.00, 2BJ»,- Z7.00, 28.00. 
3fl.0a' 29.6a 28.00. 28.50. Kelt: Three 
.marvdj* £428.50, 29.00. 28,50. Afternoon: 


"-'bam wool futures 

.YhBtBrt'yt +Of Vest'rd'yc +or LONDON NEW ZEALAND 
Mnth c load — ctoee. — BREDS — C/qsb (in ordd : buyer 


LONDON NEW ZEALAND CROSS* 
BREDS— Close fin orden buyer, sellar, 
business). Hew Zealand cents per kg. 
Aug 389. 375. nil: Dct 390. 396. 394- 


iTh’red months £428.50. 30.00. 31.00, Sept. 110.15 tO, 45 104.40 +DJS m- Dec 402* 406 nrl- Jan 404* 408, 

:Jbs Tartar at s& &: as, :s:s sa .sa t^SSlsS: s s 

rtSSai;**"*- T " rw “ SKiSS ;:S!f iiwl ' :SS ss- « Jm “ 4 - 


450. ml. Sales: 8. 

. . SYDNEY GREASY. WOOL— Close (in 


i 6NimImhj-Wt, , j+or tun. j+or Business done— Wheal: Sept 110.15.. j^ r J L lilln b “’*f' 

" * “ | Vnofflclalj -t lc g.7o. No* r 113.70-113 J5, Jan 117.60.-- 4g?2* ,, SL'SS f 


1»1C to To* W.VX 20 : O Cl 513£. ■ 514.5, 

vn rnLJl 514.5-512.5; Dec 518 0. 519.0. 518.0- 


indus&isa. Extendedcoveragefor^ 1982. 

24$x 189mm BOOpages .. £3000 

Hurry! Order yourcopiesnqw 

Send cheques (payabi® to Longman Group Ltd) 
and requestslor further infontiation to F . Tucker, 
Longman Group Ltd, 8th Floor, Westgate House, 
Hallow. -Essex CM20 lNE,EnQtend. 


— t.-r-— — 114 «. reay 1I/-3 ony. oares. ibis ggc n Unt . adBd . rj, c 535 ft S37.0. 

Aluminltifn— doming: r tiraa months ■ of ICO tonan. SntredJ ffit. . 

£575,00. 76.00, 76.50. .Kerb. Thraa . - LONDON, GRAINS— Wheat: U.S. Dark " -• 

months £577.00, TB.OOr 75 JO. AlW.-.-. No rtli«a .Spring No 1, 14 per cent.. •• 

.ndbru 'Three.* months C7S.00, 77.00. _Aog 110.53. Sept 109.75. D=i 110.50. UU I 1 UN 

Kart: TTnee rapmha £577.00. Twnovan Nm. ■ T11.75._Dec 114.25 uawh-pment jjvsrpooi^No spot or shipment 
7.825 tonnes. -, En9 n S -*/n^ii?rai •**«. .were recorded. Buyers ware 

■ i ; 1 Sapt J14O0 East Co eau 0.t/PecJ1..00 gg,,,, reJucunt to operate in ..view of 

1 NICKEL') ’a m. ,+ ofi p.m. +or ^ unewtainuaa inheront m the situa- 

: Offiah ft- ■UnomcUI _ = r 3 - J* ■ 

wJbupW s-jss ..aasrJM4as5t-rw a 

3 months 3015-20 +10 2895-4601] -15 _ not register any expansion in ibe more 

. — . ; — RUBBER frequently sought verieM*. 

■-.^SLfS ha °* The London physical market opened JUTE 

fOn previous unofficial close. slightly easier, enracteri r.o . interest . . 

Nickel — Morning: Three months throughout the day. and dosed very JUTE — C and t Dundee: SWC £260: 

£2.980, 85, 80. Kart: Three months quieL Lewis and Pea: recorded an BWD £229. 8TB £297, BTC £266, BTD 


3 months 3016-80 tlO'fMMM -15 


— I NDICE S — 

FINANCIAL IMS 

: July 9 1 July B M^h *go y*r ago 
' g33T7^l232 -39 289^1| 258.99 

(Base: July 1 1952 - 100) 

REUTERS 

July 12' July BM'th agoY'arago 
ISSg.lllSBIJ’ 1504 J IB 15. 8 ■ 

(Bata: Saptembar 18 1931 ™ 100) - 
* Corrected, 

MOODY’S 

July B 1 July 8 M‘th *go[Varagct 

998^ : 0982 B87J j 1076^ 

(December 31 1831 * 100) 

DOW JONB 

Dow j July July Month Year 
Jones) 9 8 \ ago ago 

Spot <126.08 123 J!2! 123.66 - 
Fu1r'»|125.0l|122.19. 123.24 - 

(Base: December 31 1974 “ 100) 


£232: c end f Antwerp: BWC £283. 
BWD £233. BTB £300. BTC £270. BTD 
£236: c end f Dundee: 40 in 10 oz 
£10.81, 40 (n .7 1 * ez £8.32; B Twill* 
£3327. 

TEA AUCTIONS 

LONDON TEA AUCTION— 30,656 
packages were on offer at yesterday's' 
suction including 6.420 offshore. 
Demand was good and general. East 
Africans sold readily at fully Ann to 
dearer levels but plainer metVums 
closed barely steady, coloury Central 
Africans were well supported and 
luily Arm to. sometimes dearer. The 
tew quality Ceylorrs were a strong 
feature end brighter mediums, were 
also well competed for at irregularly 
deerer rates. Other descriptions, 
showed littfa Chang*. Offshore offer - 
mgs received a good demand for 
brighter liquoring, well m*de sons at 
firm price* but plain, poor leaf types 
met limited interest .and ware often 
neglected. Quotations: Quality 126p 


a kg (126p), med-um 108p a kg 
-flOSp), plain no quotation (no quota- 
tion) . ' 

POTATOES 

LONDON POTATO. FUTURES— Higher 
earte*. gripea. ^.changeable -woattint, 
and further blight feara caused heBvy 
buying with sailers withdrawn, reports 
Cotay and H&rpar. Closing prices: 
Nov 57.50, +3-80 (high 58:20, low 
54.50): F&b 65.50, +4.50 (high B6®. 
low 01.40); April 73.00. +4.80 (high 
73.00. low_te.SO): May. .62.30. +4.30 
(high 82.50. low 78.30]: Nov 64.40. 
+0.20 (high 66.00. low 64.00). 
Turnover: 636 (240) lots of 40 tonnes. 


MEAT/FISH 


SMITHFfELD — Pence, per pound. Beef: 
Scottish killed sides 73.7 to 83.7: 
Ulster hindquarters 98.0 to 98.0. Veal: 
Dutch hinds. and ends 119J> to 126.5, 
Lamb: ’ English small 63.3 lo 69.3, 
medium 61.0 to 67.6, heavy 56,0 to 
62.0: Scottish heavy 56.0 to 60.0: 
Imparted — Naw Zealand PL 62.5 la 
64.2. PM 62.0 to 63.0, PX 61.0 to 62.0. 
YL 61-0 to 62.0. Pork:- English, under 
100 lb- 3K0 W 54.0, -100-120 lb' 44'D 
to 52.S. 120-160 lb 41.3 to HLQ. ' 

MEAT - COMMISSION— Average. Fat- 
stack prices at rap rose ri i stive markets. 
G&^-Gatlle. lOO.TBp pet . kg . iw 
(“l-OBJ." GB— -Sh'eop. '138. Q&p per" kg 
bbt-(Icw- (“14:19)1 GB— Pigs._72.81p 
per kg Iw (-2.55). - ” 

GRIMSBY FISH— Supply ^cod, 
demand -good. Price* at ship's side 
(unprocessed) per atone: Shelf cod 
£4.50-£5.00. codlings E3.5Q.Di .00: large 
haddock £3^0- £3^40, small Cl JO- £2 .40; 
large plaice C8.00-E6.80; medium £4.00- 
£B.40, best Small £2.80-£4.40: largn 
Skinned dogfish £6.0D-£6JO, medium 
E4.00-EB.00: large lemon soles £600. 
medium £5.50: rockflsh El .40- £2.20; 
saithe 90p-£2.00. 

COVOT- GARDEN— Prices lor the 
bulk of produce in starling per 
package except where otherwise srated 
Imported Producs: Mandarine — 

Brazilian: 6 00-6.50. O ramjet — Moroccan: 
16 kg Valencia Lates 48/113 -3^0-5 90- 
Out* pan: Navel* iO 5.50. 48 5 70, 56- 
9-35. 72 6.25, 88 5.60, 712 5.20. 138 
4.85. 150 3.930; Brazilian: 88 /IPO 6.50. 
Lemorw— Spenia: Traya 5 ka 40/50 1.GO- 
2.00; Ootepen; 1st, kg 80/180 5.00-7.00. 
Grapefruit — Jaffa: 2D kg 27 4.25, 32 


4.46. 36 4 65. 40 4.90. 48 5.40. 56 5.35. 
64' 5.15, T5 4.95, 68 4,00; S. Alncan: 
27 4.60. 32 5.25, 36 5.25. 40 5.25. 48 
5.40. 56 5.35. 64 4.65. 72 4.35, ruby 
same as white. Apples — French: Goltfcn 
Delicious 18 kg 8 0D-9.SQ; Tasmanian: 
Jonathan >1.00. Granny Smith 9.C0- 

10.00. Sturdier Pippin* 10.50-11.00: 
-'Australian:- Granny Smith - 9.50-10.50; 

New Zealand: Granny Smith 10.00-11.00, 
Sturmer a 11.00-11.50. Rod Doughrete 
11 50-12.50: S. African: Granny Smith 
‘9.00-10.50: Golden Delicious 11.00-12.20, 
York imperials 9.00-10.50: U.S.: 18 kg 
Red Delicious 9.00-13.00. Pears — 
Spanish: Per pound Moretini 0.30-0.35. 
Limcra 0.304) 33. Peaches— -Italian: 
Large trays 2.50-5.50. standard trays 

2.50- 4.50; French: A/AAA 4.00-4.50. 
Plums — Italian: Florencio per pound 
0.2G-0.£ir Spanish: 71 lb Same Rocs 
0.22-0.45, Gaviona 0.40-0.50. Grapes— 
Israeli: Perietre 5.40. Thompson 5.80; 
Chilean: 5 kg Almeria 6.00, Ribiar 6.50- 
6.80. Rad Emperor 5.00: Cyprus: 11 lb 
Cardinal S.50. Sultana 7.00, Parian* 

7.00. Cherries — Italian: Per pound 0.40- 

0.70; Turkish: 0.60-0.75; U.S.: 0.75-0. 85. 
Apricots— Spanish: 5 kg 2.60.3.90. 
Nectarines — U.S.. 60/64 14.C0-15.00: 

Spanish: 3.00-5.OD: Italian: Melons 

Spanish:. Gain 3.50-4.00. Yellow 10 kg 
-4.00: French: Ch.jtameis 11/15 6.00-8.50. 
Water-melons— Spanish. 10 kg 3.50: 
Israeli: 3.00-3.50. Pineapples— S. Afri- 

' con: 5'B 5.00-6.00; Ivory Coast: 20‘s 
0.45. 12's 0.75. 6‘s 1.20: 

Btgllsh Produce: Potatavs— Par pound 
new 0 C4-0.05. Mushrooms — Par pound, 
■open 0.30-0.50, closed 0.50-0.70. Lettuce 
— ?er 12, round 1.20-1.80. Wabb's 1.40- 
180. Cos 1.20-2.00. Onhms— Par 55 lb 
40/80mm 3 CO-3 50. Spring Onions— Per 
bunch 0. 07-0.C8. Primo Cabbage — Per 
.25 lb -1.00-4.40. Canots— Par 28-28 lb 

2.50- 3.00, per bunch 0.10. Courgettes 
—Per 12 lb 1.50-2.40. Cucumbers— Per 
package 1.40-2.40. Tomatoes— Per 12-lb 
box D/E _2.4Q-r.«f£. Cauliflowers— Per 12 
Lincoln 2.50-4.CS. Celery— Per 12/30 

. 2.00-3.00. Winter crop 4.00-4.50. Broad 
Beans— Per pound 0.05-0.10. Marrows 
— Each 0 70-0.15 Sugar Pm — Par 
pound 1.50 Peas— Per pound 0.1B. 
Turnips — Per 28 Ih 2.00. Runner Bairns 
— Per pound 0.35-0 50. Apples— Per 
pound. Bramlay 0 30-0.38. Grenadiers 
n 30. Strawberries — Per 8 oz 0.4041.70. 
Raspberries— Per 4-o* pac fc 0.15-0.30 
Gooseberries— Per pound 0.15. Levellers . 
(1.25-0. S' 1 . Cherries— Per - pound 0.25-Jj 
0 50 Redcurrams— Par 8 «« 0 15-0 20 1 
Blackcurrants— Per 8 oz 0.2D-0-25. m 



Financial Times Tuesday My .13 1982 


WORLD STOCK MARKETS 


NEW YORK 


: July : juty 
9 8 


July July 
9 a 


ACF Industries.... 3 Gt 8 

AMF 15* 

■ ARA.. 271a 

ASA,. ,i 30 

Avx Gorp„ 17 

Abbot Labs ' SB la 

Acme Gleve 17* 

Adobe Oil & Gas | 15* 
Advanced Micro.; 23 lz 
Aetna Life & Gas. M 
AhmanBon 1H.F.1 8% 

Air Prod & Chem 31 

Akzona 15* 

Albany Int 26 

Albcrto-Culv 13 

Albertson's.. — 32 % 
Alean Aluminium 18% 
Aleo Standard.. . 20 
Alexander &AI. . 25* 

Alegheny Int 21* 

Allied Corp 29iz 

Allied Stores . ' ZB’-* 

Allis Chalmers, .. 12 * 
Alpha Port d 12ij 


Alcoa 

Amah Sugar 

Amax 

Amdahl Corp... .. 
Amerada Hess. .. 
Am. Airlines. . .. 

Am. Brands 

Am. Broadcast'^ 

Am Can. 

Am. Cyanamid... 
Am. Elect. Powiv 

Am. Express 

Am. Gen. Insnce. 
-Am. Hoist* Die... 
Am. Home Prod- 
Am. Hosp. Suppy 
Am. Medical Inti 
Am. Motors 
Am. Nati Reaces. 

Am. Petrina 

Am. Quasar Pet.. 

Am. Standard : 

Am. Stores. ,j 

Am.Tel.&Tel 

Ametoklnc < 

Amfac 

AMP 

Am star 

Am stead Inds-... 
Anchor Hocks-.. 
Anheuser-Bh... . 
Archer Oaniels.. . 
Arm co 


Armstrong CK 

AsameraOil 

Asarco 

Ashland Oil 

Asad. D. Goods.. . 
Atlantic Rich . ... 
Auto- Data Prg>... 

tveo. 

AvcrlnytJ 

Avnet i 

Avon Prod 

Baker Inti 

Balt Gaa * El \ 

Ban Cal • 

Bangor Punta 
Bank America ... 
Bank or N.Y. . 
Bankers TSt N.Y.: 

Barry Wnght > 

Bauseh * Lomb. 1 
Baxt Trav Lab. ..j 
Beatrice Foods.. 

Baker Inds ■ 

Bell* Howell ...j 
Bell industries . ! 

Band* • 

Beneficial ; 

Beth Steel 

Big Thee Inds 

Black * Decker.. 

Block HR 

B ue Bell 

Boeing 

Boise Cascade.... 

Borden 

Borg Warner .. .. 

Briggs Stratn 

Bristol-Myers 

BP 

Brockway Glass. 
Brawn Forman B* 

Brown Grp 

Brown & Sharp... 
Browng Ferris. .. 
Brunswick... 


■ Bucyrus-Erie 

Burlington Ind .. 
Burlington Nrthn 

Burndy 

Burroughs 

CBl inds. 

CBS 

CPC Inti 

CSX 

Campbell Red L. 
Campbell Soup... 
Campbell Tagg ..■ 
- Canal Randolph. 

Can. Paeiflc 

Carlisle Corp.. .. 

• Carnation 

Carp Tech 


15*1 IS* 
7* 7* 

23* 1 22* 
251? 1 24St 
321* 31* 

561* 35 

23* 22* 

16* 16 
26* 25* 


Columbia Gae .... 30* 30* 

Combined Int"... 19 . 18's 

Co m bust n. Eng... 24* 23* 

Cmwith. Edison. 81% - 21* 
Comm. Sotelite,. 53 62* 


; Comp. Science.. 12* 

Cone Mills. 27* 

Conrae 24 

Cons Edison 18* 

Cons. Foods. 34* 

Cons Freight 37 

Con. Nat Gas ; 23* 

Canmuer Power 1 17* 

Cant. Air Unes... : 4* 

Conti. Corp 1 23 

Cantl. Group 36 

Conti Illinois ‘ IS* 

Cantl. Teleph 15* 

Control Data 24 


Cooper Inds 1 

j Coors Adolph—.- 
Copperwefd 

Corning Glass...., 
Corroon Black.... 
Cox Broa-caafg 

>ane 

Crocker Nat. 

Crown Cork 

Crown Zell 

Cummins Eng .... 
Curtiss-Wright ..." 

Damon 

Dana 

Dart* Kraft 

Data Gen 

□ayton-Hudson 

Deere 

Delta Air 

i Denny's- _...- 


Dentsply Inti 

Detroit Edison 

Diamond Int) 

Diamond Shank.. 

Dl Giorgio 

Digital Equip 

Dillingham 

Dillon - 

Disney iWalti 

Dome Mines 

Donnelly iRRi 

Dover Corp 

Dow Chemical ... 

Dow Jones 

Dresser 

Dr. Pepper 

Duke Power 

Dun & Brad- . ... 

Du Pont 

EG * r 


Eased 

Eastern Airlines, 
Eastern Gas & F. 
Eastman Kodak.. 

Eaton...- 

Echlin Mfg 

Eokherd Jack — 
Electronic Data. 
Elect. Memories. 

E3 Paso 

Emerson Elect- 
Emery Air Fgti-. 

Emhart 

Engelhard Corp.* 


Enserch 

Esmark 

Ethyl 

Evans Prod 

Ex Cell O 

Exxon 

FMC- 

Faberge.... 

Fedders 

Federal Co. 

Federal-Mogul.... 
Fed. Nat. Morti... 
Fed. Paper Brd... 
Fed. Resources., 
Fed. Dap. Stores. 

Fieldcrest Ml 

Firestone 

1st Bank System 
1st Charter Fin.. 


, 1st Chicago- 

1st City BankTax! 

1st Interstate 

1st Mississippi— 
i 1st Nat. Boston.... 

1st Penn, 

Flsons. 

Fleetwood Ent... 

Flexi-van 

Florida Pwr & L-. 
Ford Motor ....... 

Foremost Mck... 
Foster Wheeler... 
Freeport McM... 

Fruehauf 

GAF 

GATX 


14* ' 15 
19* 16* 

24* ' 22* 
B* 8 
22 * 22 * 
3 3 

6* i 6* 
16 15* 

18* 18* 
32* • 52* 
23* ■ 23* 
29* . 29* 
10 * ; 10 * 
15* , 15 
IB* IB* 
11* ' 11* 
24* . 24* 


Carter Hawley .. 

Cateroillar 

Cclanese Corp.. 

15 * 
55% 
42 % 
29* 

13* 

57* 

42* 

30 

GTE Corp. 

28 

Centex 

19* 

19* 

Gannet 

32 

Central & Sw .. .. 

15% 

15* 

Gelco ■ 

15% 

Control Soya.. . 

10% 

10% 

Gen Am Invest ._ 

14% 

Certain teed 

11% 

11% 

Gen Cinema 

43% 

Cessna Aircraft. 

15% 

15* 

Gen Dynamics ... 

30% 

Champ Home Bid 

3 

2* 

Gen Electric 

66 

Champ Int 

12 * 

12* 

Gen Foods 

37% 

Champ Sp Plug.. 

7% 

8* 

Gen Instruments. 

36* 

Charter Co 

8* 

8% 

Gen Mills 

42% 

Chase Manhatt n 

36% 

36 

Gen Motors 

44)8 

Chemical NY 

28* 

27% 

Gen Pub Utilities 



31* 

50* 

Gen Signal 

33% 


12% 

12* 

Gen Tire 

24* 

Chrysler 

Chubb ' 

7* 

36 

7 

36 

Geneses 

4 

Cigna 

32% 

55 * 

Genuine Parts....- 

36 

Cincinnati Mil .... 

20* 

19% 

Georgia Pac 

is* 

Citicorp.. 

23% 

25* 

Geosource. 

43* 

Cltios Service- . 

52 

51% 

Garber Prod 

30 


City Invest 

Clerk Equipment 
Clove Cliffs Iron. 

Clorox 

Clueltt Peaby . .. 

Coca Coin. 

Colgate Palm.. . 
Collins Aik man . 
Coif tnds 


Getty Oil ; 48 

Giddings Lewis... 27 

Gillette : 34* 

Global Marine 10* 

Goodrich iBF)-...' 17* 
Goodyear Tire... • 24* 

Gould 23* 

Grace 33 

Grainger iW.W>..„ 56* 


Indices 

NEW YORK -DOW JONES 

J<ily July July July July ' July 
9 8 7 6 2 1 


GL Ail. Pac. Tea.' 7* 
Gt Basins Pet—. 2 
Gt Hthn JleJ»oaa 31* 
GL West Financl. 12* 

Greyhound IS 

Grumman. 30 

Gu f & Weston., j 12 


Gulf Oil. ! 

Hall (FBI 

Halliburton 

Hammermill Ppr, 

Handleman — 

Hanna Mining .. J 
Har court Brace.. 

Harris Banop 

Harris Corp 

Horace 

Hecia Mining 

Heinz ihji 

Heller Inti 

Hercules ; 

Hershey...- i 

Heubleln 

Hewlett Pkd 

Hilton Hotels 

Hitachi 


Holiday Inns 

Holly Sugar j 

Homestake J 

Honeywell 

Hoover 

Hoover Uni 

Hormel Geo.V— 
Hospital CorpL... 
Household Inti—, 

Houston Inds 

Hudson Bay Mng., 

Hughes Tool 

Humana - 


26* ; -27 
26* 27* 

26* ! 26 
22* ! 23 
12 * ; 12 * 
:e% . is* 

13* ; 13 - 
26* . 24* 
24 ' 23* 

IS* i 16 

s* i a* 

31* . 31 
16* ' 16* 
17* i 17* 
40* ; 40* 
40* 1 40 

43* : 41* 
32&s , 3248 
22 21 * 


Husky Oil 

Hutton (EF) 

1C Inds. 

IU Int 

Ideal Basic lnd_. 

Ideal Toy 

ICI ADR 

Imp Corp Amer- 

INCO 

Ingereol Rand — 
Inland Steel . .... 

Intel ..... 

Inter First Carp- 

Interlake 

Inter North 

IBM 


4 4 

24* 24Sg 
29* : 29* 
. li* : i07 S 

. is* : is* 

13* ■ 12* 
5 5* 

6* . 4* 
9* 8* 

40 , 39bs 

.20 i 20 

.30* ; 29* 
197a I 20 
. sets 1 257s 
. 26* 1 26 
62* : 61* 


Inti. Flavours 

Inti. Harvester— 
Intl.lnoome Prop 
inti. Paper.......... 

Int. Rectifier. 

inti.T+j &Tal 

Irving Bank. 

James /FS>— 

Jeffn-Pllot 

Jewsl Cos.— 

Jim Walter. I 

Johnson -Con tr... 
Johnson A Jns—j 
John than Logans 

Joy Mnf- —i 

K. Mart 

Kaiser Alum ‘ 

Kaiser tteel- 


Kaneb Services J 
Kaufman Brd-....' 

Kay Corp 

Kellogg 

Kennametal 

Kerr-McGee 

Kid do 

Kimberly-Clark . 
King's Dept St... 
Knight Rdr. Nws. 

Koppers-.- 

Kroehler. 

Kroger. 

LTV 

Lanier Bus. Prod 

Lear-Slegler 

Leaseway Trans. I 


13* . 13* 

7 6* 
8 * 8 * 

25 : 24* 

25* I 25 
29% 28* 

20 * 20 * 
67* 57* 

lSs ! .1* 
39* 1 29* 
12 * . 12 

8 8 
36* : 35 
10* I 10* 
154e ! 14* 
21 * 21 
as ' 26* 


Lenox ■ 38* : 37* 

Levi Strauss. 23* , 25 

Levitt Furntr 26* ; 25* 

Libby Owens Fd.. 21* 21* 

Lily iEli>- 56* 66* 

Lincoln Nat , 36* 1 37 

Litton Inds. ! 42* ’ 41 

Lockheed- ' 55* 54* 

■Loews 68 '87* 

Lone Star Inds. . 21* ' 20* 
Longs Drug Stra.j 31* , 31 
Louisiana Land.. ' 27 27* 

Louisiana Pao-... 16* 1 16* 

Lowen stein ' 26 26 

Lubrizol - 177s ; 167« 

Lucky Stra • 13* 13* 

M>A Com. Inc 14* 13* 

MCA- i 60* : 58* 

MaoMilian 13 ; 13* 


16* . 16* 
26 . 26 
177s . 16* 
13* 1 13* 
14* 13* 

60* : 58* 


Mac- 

Mfera Hanover....: 
Manvtile Corp. ... 

Mapco — 

Marine Mid 

Marriott...—— 
Marsh McLenn... 

Martin Mtta 

Maryland Cup—, 

Masco _. 1 

Massey Fergn. ... 
Mass Multi.Corp. 

Mattel I 

May DepL Sirs... 


Maytag 

McCulloch 

McDermott (JR)..: 

McDonalds 

McDonnell Doug: 
MaGraw Edison.. 

McGraw-Hill 

McLean Trukg 

Mead 

Media Genl ... 

Medtronic 

Mellon Natl 

Melville * 

Mercantile Sts.... 

Merck 

Meredith — 

Merrill Lynch ... 


. 13 

: i3* 

26% 

36* 

: 27* 

26% 

11* 

10* 

30% 

29 

15* 

15% 

32 7„ 

32* 

31* 

31 

94 

93* 

. 35% 

35* 

l 33% 

32* 

1* 

■ 1% 


MCM. - 

Metromedia 

Milton Bradey — - 
Minnesota MM— 

Missouri Pac 

Mobil 

Modern Meroltg 
Mohasco. .. - .. 

Monarch MU 

Monsanto- - 

Moore McCmrk- 
Morgan UPi- ..— 

Motorolo 

Munsingwear- .. 
Murphy -GCi. — 

Murhjr Oil 

Nabisco Brands.. 
Nalco Chem 


Nat can 

Mar. Detroit 

Nat Dlst Chem.. 
Nat Gypsum .. .. 
Nat MedlcalEnt 
Nat. samlcductr.' 
Nat Service Ind. 
Nat Standard— 

Nat Steal 

Notomas — ... 

NCNB 

NCR - 

New England El. 
NY State E A 6... 

VY Times — 

Nawmont Mining 
NIeg. Mohawk. . 

NICOR Inc- 

Nielsen (AC' A. — 
NL Industries-... 
NLT — 

Norfolk Southern 
Nth.Am.Oosl . — 
Nth- Am jPhilipt 
Nthn. State Pwr., 
North gate Exp... 

Northrop 

N West Airlines... 
NWestSancorp... 

Nwest Inds 

Nwestn Mutual...' 
Nwest Steal W— 

Norton 

Norton Simon 

Occidental Pet- 
Ocean Drill Exp- 
Ogden 

Ogi/vy &Mrth 

Ohio Edleon - 

Olln 

Omark - 

Oneck. 

Outboard Marina 
Overseas Ship— 
Owens-Coming - 
Owens- Illinois — 

PHH Group 

PPG ind* 

Pabst Brewing.. 
Pao. Gas A Elect 
Pac. Lighting -... 
Pac. Lumber ;. 


Palm Baach 13 

Pan. Am. Air....-.: 3* 
Pan. Hand Pipe- 21 * 
Parker Drilling ...; 11 
Parker Hanfn. —' 15* 

Peabody Inti 5* 

Penn Central 25* 

Penney < JCj 37* 

Pennzoll. 32* 


IB ; 13* 
20 * ! 20 
30* 20 

18 17* 

13* 13 * 

20 * ! 20 * 
237 8 : 23* 
8 * ■ 9 

14* 1 14* 
16* , 16* 
12 * . 12 % 


Peoples Energy., 

PepsiCo - 

Parkin Elmar 

Petrie Stores 

Petrol one - 

Pfizer- — . 

Phelps Dodge-... 

Phlla Elect. - 

Philbro Sal'n Inc.' 
Philip Morris— 

, Phillips Pet .... 

Plllbury - 

Pioneer Corp 

Pitney- Bo was- .. 

Pittston 

Planning Reich. 
Plessey 

Polaroid...-. ...... 

Potlatch 

Prentice Hall .... 
Proctor Gamble. 

Pub. Serv. E AG. 
Pub. S. Indiana... 

Purex- 

Pu rotator 

Quaker Oats 

Quanex- - 

Questor 

RCA.. 

Rateon Purina..-. 

Ramada Inns 

Rank Org. ADR.... 

Raytheon - 

Reading Bates ... 

i Redman Inds 

; Reiohhold Chem 
RepubJIcbanc 


8 * ' 8 * 
38* 38* 

18* . IB 
20 * • 21 
13* : 137 C 
54* . S3* 
22 * 22 * 
13* ) 13* 
257 ( 247s 

SO* 49* 
29* ' 297, 
37 . 37T fl 

17 16* 

31* 31* 

151? . 15* 
6 % : 6 * 
83* . 82* 
18* 17* 

24* .' 24* 
27 267 B 

83* i 82* 

19* - 19* 
23 23 

263* ' 247g 
54 35* 

40* 39* 

8 * 8 * 
13 . 12* 

17* 17* 

15 13 

45 * • 

2* 2* 

387 S 38* 

13 ' 13* 

11 * • 11 * 
10 * 10 * 
27 i 25* 


Republic Stee).. 
Reach Cottrell... 
Resort Inti A-... 

Revco IDS i 

Revere Copper . 

Revlon 

Rexnord 

Reynolds <RJ)— . 
Reynolds Mtls. .. 

Rite Aid 

Roadway Expi.. 
Robbins fAHI— 
Rochester Gas.. 
Rockwell Inti .... 
Rohm A Haas— 
Rollins 


16* 
11 * • 
, 20* -: 

27* . 
83* ' 
• 27 
93, 
44* ' 
20 * 
313, • 
39* , 
i2* : 
133, 
32* • 
. 50 i 
, 12* I 


! IRolm — ....; 

'Roper Corp 

! iRowan ! 

Royal Crown I 

Royal Dutch I 

iRubbcrmaid ! 

jRyan Homes 

Ryder System 

SFN Companies.., 
[BPS Techno!,glcs ! 

Sabine Corp- 

Safeco 

Safeway Storas..! 

'St Paul Cos 1 

St Regis Paper-! 
Sante Fe Inds. ...i 

Saul Invest ! 

.Sobering Plough | 


Schlumberger... 

SCM 

Scott Paper 

Saacon — 

Seagram ... 

Sealed Power ... 

Saarle >GDi 

Sears Roebuck.. 
Security Pa«L — 

Sodco 

Shell (til- 

Shell Trans 

Sherwln-Wms- . 

Signal 

Signode - 


Simplicity Patt- 

Singer • 

Skyline 

Smith inti- 

Smith Kline Beck 

Sonesta Inti.. 

Sony 

Southeast Banka 
2th. Cal. Edison 

Southern Co 

Sthn. Nat Res— 
Sthn. N. Eng.TeL 
Sthn. Paolfic . ... 

Southlands 

S.W, Baneshares. 

Sperry Corp 

Spring Wills- 

Square O 

Squibb 

STD Brands Paint 


9td Oil Cllfornia. 
Std Oil Indiana.. 

Std OH Ohio 

Stanley Wks 

Stauffer Chem - 

Sterling Drug 

Stevens iJ.P.i 

Stokely Van K .... 

Storage Tech 

Sun Co 

Sundstrand 

Superior Oil - 

Super Val Stra— 
Syntax.- 

TRW 

Taft 

Tampax. 


Tandy - 89* 

Teledyne 101-z 

Tektronix — .... 55 

Tennaco " 

TesoraPet 15. a 

Texaco 2?* 

Texas Comm. Bk 28* 
Texas Eastern ... 45* 
Texas Cm Tm ... 23* 
Texas Instrim ts 88* 
Texas Oil A Gas... 25* 
Texas Utilities ... 21* 

Textron IS* 

Thermo Electron 14* 
Thomas Betts ... 46* 

Tidewater j 19* 

Tiger Inti _.J 8 

Time Inc 1 28* 

Times Mirror — 40* 


Timken - 

Tipperary- 

Tonka. - 

Total Pat 

Trane 

Transameriea .... 

Transway 

Trans World 

Travellers—. — . 
Tricentrol 


Tri Continental- 
Triton Energy — - 

Tyler 

UAL- 

UMC Inds 

UnHever N.V. 

Union Camp 

Union Carbide- 


Union Oil Cal 30* 

Union Pacific 32>, 

Uniroyal — • 8* 

Untd. Brands 8* 

Unt Energy Res.. 29* 

US Fidelity G 57* 

US Gypsum VJH 

US Home 12* 

US inds 9* 

US Shoe- 31* 

US Steal - . 18* 

US Surgical- i 22 

US Tobacco- ; 44* 

US Trust 34* 

Utd.Technolgs...‘ 39 
Utd. Telecomms.' 17* 

Upjohn 39* 

VF ; 45* 

Vartan Assocs. .. 1 36* 
Vamltron.—..- 9 


Virginia EP 

Vulcan Matris — 
Walker (Hi Ras ... 
Wal-Mart Stores 

Warnaco 

Warner Com ms.. 
Wamer-Lambt — 
Washington Post' 
Waste Mengt — 

Weis Mkts 

Wells Fargo ' 

W. Point PappL... 
Western Airline.: 
Westn. Nth. Am.. 
Western Union.-. 
Westinghousa _.j 

Westvace 

Weyerhaeuser —I 


Wheelobratr F...; 
Wheeling Pttts... t 

Whirlpool —| 

White Consoltd-, 

Whittaker ' 

Williams CO-. I 

Winn-Dixie Str.r..| 

Winnebago 

Wise Elsa Power 

Woo (worth | 

Wrigley- I 

Wyly 

Xerox - 

Yellow Frt Sys ..., 

Zapata. — 

Zenith Radio i 


28* j 277 S 
14 j 14 
31* ! 30* 
25* i 24%' 
20 * < 20 * 

14 7g I 15* 
36* j 36 7j 

6T S 5* 
317j , 31* 
18* , 18* 
32% ■ 32% 
9* • 9* 
31* : 31* 
18% : 13* 

15 15* 
11 * . 11 * 


Since Cmpil't'n 


♦ Indur-tr'ls 810.12 80I.9B 795.66 7S0.M 736 JS 6US.27 532.62 i 7BS.B2 1KI.7B 1IJS 

i4.-1) <18)6} (11/1. *71) (2(7/82) 

H' me Ends. — S8.61 67,83 67.32 67.80 68.12 80.27 ; 66.87 , — — 

, (27.5) ] 112/21 ! 

Transport... 320^9 515.85 315.50 3 14 JU 314.80 317.00 888.48 - 605.73 ! 447.58 12.52 

< (7/>i j <2 1)8 1 (16)4(8* (8)7(52) 

Utilities 106.62 105.71 106.57 186.08 106.17 108.68, 116.86 j 105.61 165.52 10.6 

I (7/8, j (18(1) (20/4(68) (28/4/42 

TradinpVol 

000- 1 . 66,8/0 65,270 46,320 4<,5S0 45,76047,900 — ' — ■ — 

I : i . . ; : ' : 

Day's high 818.59 low 803.37 

; June 25 ; June 18 r June 11 Year ago (Approx 

IndustT dlv. yield X , 

6.95 ) 7.Q8 MO 5.50 

STANDARD AND POORS 

] i 1982 SI nee Cmpil't’n 

July • July . July . July , July • July ; ! — ■ — , 

9 8 7 6-2:1 High . Low : High ; Low 

flnduot'ls - 131.76 120.82 119.961 1I8J8! 120.1* 121.38’ 157^ 118.41 : 160.86 SM2 

i ■ (4/D - 18/51 128)11(80- (SOlHSZi 

(Comp’S’te 108,85 107,63 107.22’ 107.231 107.66 108.71 122.74 107 JO , 140J2! 4.407 


! July i July ' July 1 July ■ 1982 

• 12 . 9 ; 8 j 7 ; High ; Low 

AUSTRALIA ; | i 

AH Ord. (1)1/801 4S6.S • 446.8 • 44J.8 \ 449.7 ' SBSJ «/l) ( 445 J /i/7) 

Metal A Minis. f1;l/B0) : 521.5 586.2 289.0 < 305.8 . 486.1 A/1) 1 230 W 

AUSTRIA I ' 1 J 

Credit Aktlen (2/1/62) . 48^0 48.601 48.25 48,86' 66.88 (4/1) , 48.68 (2 MJBi 


IndustT drv. yield Z 


IndustT P.E ratio 
Long Gov. Bond yield 


NY. S.E. ALL COMMON 


(4/Q . <21.6) iM i I UBO' (1/6/32 
June 23 Year ago (approx 


Rises and Falls 

July 9 July a . July 7 


J g».4p )y Hlg , sr .SKSSiiiS 1 ® , l 'SS 

Ji l 9 — — Falls — . 379 1 814 1 765 

62-5461.8161.7061.78 71.20 ; 61.70 “"changed 380 ! - ! 462 


i7i7i New Highs 28 

New Lows ....... 36 


MONTREAL j j u j y , j u | y July i July ' 

] 9 • 8 ; 7 I 6 High I Low 

Industrials ; 2fiMG 251.10' 252.60: 262.43 552.79 TTli ' 248.M (21/6) 

Combined ; 257.47 233.01 237.54 257 JS- 318.08 (4.1) | 237.27 (21/El 

TORONTO Composite 1685.B11546J1' 1552.21 1554.5 ; ~1 flSS.3 )4.1| I 1558.2 i7l7) 

NEW YORK ACTIVE STOCKS 


BELGIUM I : 1. 

Belgian SE (51/12/S5) ! 95.0 ' 92.81! 82.71 92.66! 110.45 (8/4) > 86^2 |2D)1) 


DENMARK ! ■ ! . 

Copenhagen SE 0/1/73) 109.8 109.57 108.86* 109.98 128^2 (2S/2) . | 108.8(12)7) 

FRANCE ~ 

CAC General (51/12/81) I 98,0 97,6 ' 97.60 3 8. BO 111.0 (19A) i. 74/1) 

Ind Tendance (51/ 12/81) 112.50 110.8 i 108,80 110^1 1243 (12/61 I 97.7(4/* 

; ; 1 ■ 

GERMANY ! ’ 

FAZ-Aktien (51/12/68) 224.79 221.86 221.18 2».66l 259^6 (fi/4) ‘ 215.66 (18/1) 

Commerabank(Dec18G5) 8B4.B0 676.1 | 674,80, B82J | 723J (6/4) j 668.7 (18/1) 

HOLLAND ; ■ | I 

ANP-CBS General (1378) : 87.8 88A - 86 J j 85.9 8BJ HD/S) ! 94A (8/1) 

A(fP-CBS Indust (1870) ■ 68.4 i 87.8! 66.9: 69 J 74 J (ID/5) ! 95.2(4/1) 

HONG KONG = I ! \ • ~! ’ 

Hang Seng Bank( 51/7/B 4. |285J8|T251.88| 1262.24 1271.68' 1446.52 (12/1) J 1128.85 (8/5) 

ITALY : | f [’ ’ I : ’ 

Banca Comm ttaUl872) ' 161.95, l&2.aai 166.42 155.58: 212.08 (18(5) 1 162.88 (8(7) 


JAPAN** * - I ! I • 

Dow Average (16/6/43) 7146.83-6891 J8 8B81.91 7058.1 i. 7926.66(27/1) 6583.55 07/5)' 

Tokyo New SE (4/1/88) 552.4T: 525.51] 520.251 528.83, 555^3(27/1)’. 520.25 1 8)^ 

NORWAY • ■ \ 1 “! j 1 

Oslo SE (7/1/72) : HMIj 116.85 1 15 X 115.67 15038 (28/1) 109.12 (1/4) 

SINGAPORE ’ I • f ' 1 1 _ 

Straits Times (1886) 1 B93.7aj B8539 88430' 688.II0| 610.76(6/1) 1 fi85A3(im 

SOUTH AFRICA • .* 1 T' : 1 

Gold (1868) J - J 552.0 . KSA SSBJ » 666.5 (6/1) ' S55A (9Ti 

Industrial (1866) - — I 521.4 . 6I7A 1 511 J I 711 J (8/f) 607A <2S.S) 


SPAIN 1 1 I , ! 

Madrid SE (M/12/8I) ' 87.20 j 87.29] B7J7j 88.97 , 107.46 (9/2) ' 87.20 (12/7) 

SWEDEN : J ' ! 1 ‘ “ 

Jacobson hP. (1/1/68) ’ 605.16] 587.7Sj-689.55i 005.15 BEA2 (22/1) l 665 A2 (28(4) 

SWITZERLAND ! i ~ ■ ~ ' 

Swiss BankCpn.(51/12AB) 242.9 ! 2H.4 257.40;- 246^ 1 265.1 (11/1) , 257^0 (ft* 


WORLD 

Capital Inti. (1/1/70) 


1; BEA2 (22/1) i 885.52 (22)4) 


265.1 (11/1) . 257,40 (Tib 


1 I 

• — ! 124.5 


122.7 I 1E.8 | 147A (4/1) • )25A (?/7) 




Change 




Change 

Friday Stocks Closing 

on 


Stocks dosing 

on 

traded 

price 

day 


traded 

price 

day 

Cant. Illinois 1,536.600 

18*1 

- h 

Ma-Com Inc . 

632,400 

14% 

+ % 

IBM 1.2J6.600 

62% 

41 

East- Kodak . 

B10.6G0 


+1 

Amor Airlines . S68.500 

IB 

— 

Abbott Lab. . 

697,100 

28% 

— 

c>ion S3 9.100 

re-’. 

4 % 

Sony 

695.200 

12% 

4 % 

ATT 677.200 

51% 

+ % 

Gid. & Lawis 

535.000 

27'. 

.4 % 


Dow up 8 at mid-session 


STOCKS WERE sharply higher 
at miti-session in heavy trading 
amid speculation that interest 
rates were headed lower. 

The Dow Jones industrial 
Average was up more than 
eight, advancing' issues totalled 
more than 1.000 and volume 
swelled to 42m shares by midday.’ 

Declines tn several short-term 
interest rates last week and a 
larger than expected drop m the 
money supply on Friday caused 
V.'atl Street to speculate that the 
Federal Reserve was loosening 
credit restraints. 

Energy - issues, however, were 
a notable exception to the mar- 
ket's rally, as several stocks in 
the group showed sharp drops. 

Analysis attributed the weak- 
□es in Oils to the failure of the 
Opec Ministers to agree on pro- 
duction curbs at their meeting 
; last week. Analysts said world 
crude oil prices may erode even 
further as a result, which in 
turn -would reduce the industry's 
profits. 

Eight of the 19 most active 
stocks were Oil or Oil Services 
issues and all posted declines. 

Of the most active issues, 
volume leader Amerada Hess 
was off one to SITS, Atlantic 
: Richfield dropped 2J to S34. 
Standard Oil California 1| to 
S265. Exxon j to S26i, Texaco 5 
to SSSt, Schlumberger li to S36£ 
and Union Oil California 2} to 
$27*. 

Trane Company slid 4* to 
S2S1 after a late opening, on 
Friday.’ The company said on 
Friday-- that it would acquire 
General Electric's Central Air 
Conditioning in exchange for 
$100m cash and l.S5ra Trane 
shares. 

THE AMERICAN SE Market 
Value Index was up 1.37 to 
24957 on turnover of about 2.6m 
shares. 

Canada 

Stocks were up sharply at mid- 
session as mining issues rallied 
hut oil issues came under pres- 
sure from speculation that oil 

Closing prices for North 

America were not available 
for this edition. 


prices were on the way down. 

The Toronto Composite Index 
was up 16-5 points at L3SQ.3 on 
volume of 1.8m shares. Advances 
-led declines by 215 to 35. 

Montreal stocks were higher as 
The Montreal Composite Index 
gained 1.91 to 239.39 on volume 
of 276.119. 


Tokyo 


Prices continued to rally after 
the sharp upturn on Saturday, 
prompted by lower U.S. Interest 

rates and the yen’s sharp 
recovery. 

The Nikkei-Dow Jones Average 
rose 42.12 to close at 7.146.68. 
after adding 112-92 on Saturday, 
but trading remained light on 
volume of 220m shares, reflecting 
worries over the fast tempo of 
the market’s recovery. The 
Tokyo SE Index gained 232 to 
532.47. 

Computer-Makers, Precisions. 
Light Electrical, Steels and High 
Technology issues were bought, 
but Oils eased on reports that 
Opec countries failed to agree 
on a new output ceiling. 

Drugs and Biotechnology 
issues fell with Gren Cross losing 
Y60 to Y1B70. Elsewhere, 
Hitachi gained Y15 to Y591. 
Fujitsu Y17 to Y757. Canon Y40 
to Y740. Sharp Y26 to Y840 and 
Nippon Steel Y2 to Y135. 

Optical Fibres, New Ceramic 
Material-Makers and Industrial 
Robot-Makers were also 
favoured. ' with Sumitomo 
Electric up Y18 to Y475. Toshiba 
Ceramic Y14 to Y790 and 
Yaskawa Electric Y14 to Y617. 

Toyota Motor fell Y4 to Y801. 
Mitsubishi Electric Y4 to Y232. 
Pioneer Y30 to Y1.480, Nippon 
Oil Y14 to Y839 and Arabian Oil 
Y20 to Y1.700. 

Low-priced Domestic Industry 
issues, were bought selectively, 
while - Noo-ferrous Metals closed 
mixed and the second market 
ended steady. 


Hong Kong 


Stocks closed firmer on fresh 
buying support in active trading, 
mainly because of higher over- 
seas advice and . speculation on 
lower interest rates, brokers said. 


Prices rose . Initially In lino 
with recent rallies in Wall bWet- 

The Hang Seng Index rose 
42.12 points to 1^.93.95, wiln 
mins showing across the board 
particularly in Blue Chips. 

Hutchison Whampoa rose 
HKS1 to HKS16.S0, Cheung Kong 
SO cents 1ft HKS1550, Chj ra 
Light 70 to HKS16. Jarrtine 
Malheson SO to gJ-SiTi 
Swire Pacific A SO to HbJU TO. 
HK Land 35 to 
Wharf 20 to HKS4-675, HK 

Electric 20 to HKS6-30, and HK 

Bank 10 to HKSU.20* 

Elsewhere. Carrian Igrat- 
ments rose 25 cents to HKS3.45. 
Far East Consortium B to. 
HKS1.79, Paul V 15 to HKJWSJ. 
Tal Chedng 12.5 to HhSS.25. 
Trafalgar 20 to HK52-W. Wheel- 
lock A 25 to HKS5.S0. and World 
International 175 to HKS2.775. 

Singapore 

Prices closed slightly higher 
on some selective buying support 
in moderate trading, dealers said. 

National Iron rose SS cents to 
SS6.10. Pan Electric 16 to SS3.30. 
Straits Trading 15 to . SS5.40, 
Development Bank 10 tn SS7.R5 
and Oversea Chinese Bank 10 to 
SSS.20. 

The Stock Exchange 
Industrial/Commercial Index 
rose 4.53 pointas to 520.16. 

The Straits Times Industrial/ 
Commercial Index rose 9 81 
points to 693.70. 

Paris 

Prices were higher in quiet 
trading ahead of the -July 14 
annual French holiday. 

Dealers noted the market con- 
tinued .the advance recorded on 
Friday. They said sentiment was 
boosted by Friday’s firmer Wall 
Street close and by the expecta- 
tions by some Foreign exchange 
dealers of lower U.S. interest 
rates. 

Germany 

Leading shares closed firm, 
extending early gains m a lively 
session as foreign and domestic 
investors were encouraged by 
falling U.S. interest rates. 


■ The Bank sector, supported by 
cams on the Domestic Bond 
market, and Motors saw large 
cams, hut dealers said lingering 
doubts about liquidity problems 
in the West German banking 
system and the plighl tif AEG- 
Tclefunken made ‘difficult to say 
how well founded yesterday’s 
rally was. 

Milan 

Stocks dosed lower in quiet 
trading. 

Dealers said the agreement by 
several major Italian banks to 
provide aid tor Banco 
Ambrosian o faded to allay com. 
pictcly operators' wornos on a 
market cantiohx about, fiscal 
measures the Government was 
expected to approve before the 
end or the month to counter the 
public see tor -deficit. 

Australia 

Prices rose strongly on news 
of softening U.S. interest rate-s. 
the second successive rise in 
Watl street- indices and higher 
gold and copper prices. 

The All Ordinaries Index 
closed up in points -at 4558 
while the All Industrials rose 
2.3 points to 613.0 and the All 
Resources gained 15.4 points to 
326.1. 

Gold stocks rose sharply wtlh 
Central Norseman up 60 cents 
at A63.90, Emperor 14 cents at 
60 cents. Poseidon 13 cents at 
ASl.55 and Pcko Wall send io 
cents at A53.S5- 

Joharinesburg 

- Sharp rises tn gold shares, 
following the strong advance in 
the bullion, price, led the market 
higher across the hoard 

. Heavyweight Producers were 
mostly up- to 200 cents firmer, 
although RaAdfonieio rose 475 
at 5,200 cents. Lesser priced 
issues scored the largest per- 
centage gains, as in DnlseL up 
110 at 900. Mining Financials 
had Anglos 40 higher at 1,010 
while in Diamonds. De Beers, was 
up 13 at 460 after a 470 opening. 


18* 18* 
18* 12* 
14 15* 

18* 18* 
8* a* 

; G3 51* 
45* 44* 

45*; 43 


CANADA 

Stock July 
9 

AMCAInt! 16*' 

Abitibi - .. 16* 

Agnled Eagw 6.75 . 

Alban Alumtn 24 

Algoma stoat— . 25* 

Aabostoi. 10 

Bk Montrea I. 17* 

Bk Nova Scotia... 20* 
Basic Raaourcaa. 2.40 . 

Ball Canada . .. .. 17* j 

Bow Valley 14* 

BP Canada 25 1 

Brascan A 13* 

Brinco. 5.10 . 

B.C. Forest 7*! 

ClL Inc - 19 , 

CadillacFauview, 5* . 

Can Cement 8!a 

Can HW Energy- 22* I 


BELGIUM (continued) 

July 12 : price j 4- or 

Fra. 1 - 


4.390 -20 
5,080; +20 
2,400- +3S 
1.170. +20 
3.400 +40 
1.920: +5 
2,550 -40 

2 , 200 ; 

2,290: +25 


Petrofina 

Royal o Beige 

Sac. Gen. Banq- 
Soc Gan Beige— 

So fin a. 

Salvay 

Traction Elect... 

ucs. 

VietlleMont 


DENMARK 


Price + or 

S - 


I Can Packers... - 

hCan Tnisco- 

I Car Imp Bank — 

Gdn Pacific 

Can P. Ent. 

Can Tire.—. 

Chieftain— 

Cominco. 

( Cons BaUist A. . 
Conti Bk. Canada 

| Coseka Res 

, Costal n — ... 

Daon Devel 

, Denison Mines... 
Dome Mines.. .. 
Dome Petrol uem 

Dom Foundries - 

Dom Stores 

DOmtar - 

Falcon Nickel..... 

Genstar...,- 

Gti West Life 

Gulf Canada 

Gulf Stream Res. 
Hawk Sid. Can ... 
Holllnger Argus., 

Hudson Bay Mng; 

Hudson's Bay 

Husky Oil 

Imasco 

Imp Oil A — I 

Inco 

Indal 

Inter. Pipe— 


28% : 29 
IB* : 19 
167 S .- 17 
25* •' *5% 
13% 13* 

33* . 55* 


Andelabanken—i 
Baltiea Skand — 
CopHandelstianld 
D. Sukkerfab.... J 

Danske Bank i 

East Asiatic. ; 

Fa rand e Berygg. 
Forenada Damp. 1 

GNT Hldg^ 1 

Jydske Bank. 

Nord Katwl 

Novo Ind ! 

Papirfabrtkkar 
Privatbmnken— .. 
Provin* bank«n... 

Smldth (FT) 

S. Berendsen 

Superfos 


HOLLAND 

July 12 ! Woe ! + or 

, ; n «- i - 

AW Holding...-.’- 78 ■ +a9 

Ahold —i 83.5 +l;8 

AKZO-. 2 243- +0.7 

AMEV— ! B9J +1.2 

AMRO. | 49 . +1.6 

Bredero Cert. 163 + 1 A 

BoskaUs Western: 41.4! +1J1 
Buhrmarm-Tet ... 36.2 +0.9 

Caland Hid s. | 29.5 +0A 

Elsevier NDU— ... 153^: — DJ 

Ennla- - 124 +2 

Euro Oomm TstiJ 74.5, 

Gist. -Brocades-. * 72.7 +0.7 
Helneken ........... 99.5 +1. 

Ho og ovens I6^ : +0.6 

Hunter Douglas^’ 8 —0.3 

int Muller. 18^! -0.3 

KLM- J 90 : +1 

Naarden _J 925! +0.7 

NatNodecrt. j 117.9. +2.1 

KedCred Bank... R9.5J —0.2 
Ned Mid Bank— 121 J- +4.6 

Ned Uoyd_ 112.6- -0.4 

Ooe Grinten— 114.7 —0.3 

Ommeren (Van)- 21.61 -0^ 

Pekhoecti. _! 39.6; +0.8 

Phillips 23.2! +0.6 

Rljn-SOheMa 24 j +0.6 

Robeoo 202 +U3 

Rodamco. — -. ...i 123^1 —0.6 

Rolinoo.— 188 +1.5 

Rorento r. '- 164.71 +0.7 

Royal Dutch J 86^; +0.7 

Stavanburg’* ' 60.6. .. 

Tokyo Pac Hg 192 +4 

Unilever — .! 146.8 +0.8 

Viking Res 1C» +1 • 

Vmr Stork 43.9 +1.6 

VNU 57.5 -0.6 

West Utr Bank...; .75.5. +2 


AUSTRALIA 

July 12 


I Prioe j +or 
lAustSl - 


JAPAN (continued) 


... | Prioe ! + or 
Yen ! - 


FRANCE 


Price j +or 
Fra. — 


14% ; 14 
15* / 15* 
5* ' 5 
38% 38* 

22 * 22 % 
11* 1 11 
9* I 9* 
16% j 167 b 


Mac Bloedel 

Marks & Spencer 
Massey Ferg— — 
McIntyre Mines..- 

Mltel Corp— 

Moore Corp • 

Nat. Sea Prods A 
NorandU Mines..., 

Nthn. Telecom...l 

Oekwood Pet ■ 

Pacific Copper...' 
Pan can Petrol.. - 

Patino- 

Placer Dev— 

Power Corp— 

Qusbeo Strgn— 

Ranger Oil..— 

Reed Stenhs A*... 

Rio Algom — 

Royal Bank 

Royal Trusco A... 
Sceptre Res....— 

Seagram — 

Shell Can OH. 

Steel of Can. A..... 


Teck B 

Texaco Canadau; 
■ homsonYiews A 
Toronto Dom Bk. ; 
Trans Can Pipe...; 
Irens Mntii.OilA, 
Walks rfH) Res—..' 
West coast Trans- 
Weston iGeoi l 


16* ' 16% 
7% 7% 

2.33 2.33 

26 , 23 

21* ' 21 
36 - 35 

6% 5% 

IS* | 11% 

45 : 45% 

97g - 10 
1.10 1.08 
- . 65 
14* 14* 

11% . 11* 
8* 8% 
2-25 . 1.90 

6 * : 6 • 
11 * 11 * 
27% 27% 

18* 18* 
117b 12 

5.75 , 5.62 
69 ' 68* 

167b 16% 

16% ( 16* 

5.12 1 5.00 
26* i 26 
18 • 17% 

22 ; 22 
17* . 17* 
6 ; 6 
16 ! 16 
12 : 12 
27% j 27% 


Empnint 4« 157T 1.720, 
Empnint7StB7%. 6,350 

CNES5 - 3,270 

Air liquids 463 

Aquitaine 105.4 

Au Printemps 140 .6 

BIC 474 

Bouygues. 630. 

B8N GervalSw 1,339 

Carrefour- 1,473 

Club Medlter— 550 

CFAO 625 

CSR Thomson)— 146 

Cle Banoaire ! 170 

Cie Gen Earn 300 

Cofimeg. ! 121.9 

Creusot Loire— ..: 73 

CFP Jl06Jsl 

DNEL 46.3 1 

Gen.- Occidental J 408 I 

l metal .......... 48 ■ 

Lafarge : 194.6! 

L'Oreal 873- 

Leg rand I 1.4391 

Maohlnes Bull ..... 30 ; 

Matra , 1,465. 

Michelln B I 699 [ 

Moet-Hennesey ..i 773 : 

Moulinex 55 A. 

Pernod Rloard.,.1 365.8; 

Perrier ; 172.81 

Peugeot-SJL : 134 j 

Poclaln _.! 112 

Radiotech ; 272 

Redouts. i 906 | 

Roussel-Udaf ; 269 I 

Skis Roselgnol .... 556 
Telemech Electil 722 ; 
Valeo \ 173 , 


GERMANY 

July 12 ! Price | '4. or' 

Dm. — 


Asaicur Gen—. 
Banca Com’lo 
Bastogl FEn — 

Centrals 

Credito VAresii 

Flat — 

FTnslder.— 

Invest™. 

fta(comenti__, 
Montedison .... 

Olivetti 

Pi raid Co 

Pirelli Spa ...... 

Snta Vlacosa — 

Toro Asslc. 

do. PTef 


NORWAY 


Price l + or 
Ura ! — . 

— J lB8.5Bfl -360 
32.BM -250 

.... . 90 - 

1,863 —78 
no 5,000 —300 
„ 1,602 —18 
38 +7.78 

2,110 +5 
82,550 —150 
85 '— 1* 

-I 2,160 —10 
i 2.131 +31 

...! 1,221 

...j 606 —23 

...110,206 +15 
...: 7,000 -410 


ANZ Group \ 

AerowAust 1 

AmpolPet 

Asaoo. Pulp Pap •. 

Audimco 

Austi Cons. Ind. ..i 
Aust. Ouarnnti .. ; 
Austi Nati Inds.. | 
Aust. Paper 

Bank NSW j 

Blue Metal 

Bond HkSgs . ; 

Boral J 

BTvHIa Copper..; 
Brambles inds. . ; 

Bridge Oil I 

BHP i 

Brunswick Oil ../ 

CRA — ! 

CSR - 

Carlton 1 Utd — ! 
CastfemaiMi Tys : 
Cluff Oil (Austi .J 

Do. Opts — 

Cockbum Ccmti 

Coles (GJJ .J 

Conwlco — ..J 

Costain 

Dunlop — 

Elder-Smith G.M. 

Endeavour Re#... 
Gen. Pra Trust... 
Hartogen Energy 1 

Hooker 

ICI Austi ; 1 

Jennings..... 

JimbianalSOoFP. 

Jonas (Di — 

Leonard' 0<I M -...; 

MM.: 

Meekatharra Ms. 
Meridian. Oil* 

Monarch Pet— ...; 
Myer Emp— ...... 

Nat. Bank.. .: 

News; J 

Nicholas Kiwi. J 
North Bkn Hill..;. 

Oaftbridga. ' 

Otter Exp I 

Pancon 

Pan Pacific... — 1 

Pioneer Co— 

Queen Margt G- 
Rockftt-*Oolri-( 

Santos 

Sleigh (HC)._ ! 

Southland M’n'gJ 

i 

Sparges Expel... 
Thos. Natwlde... 

Tooth 

UMALCons. - 

Valient Consdti.. 

Waltons— 

Western Mining. 
Woodside Patrol 

WooJwortb# 

Wonnald Inti-.:.-. 


Kubota... ...} J31 

Kumgaai fBB 

Kyoto Ceramic 3.660 > 
Ltoo.. . ....... 360- ■ 

MaetfaOen*. ‘ 

Makita,.. 7M | 

Marubeni .• J80 , 

Marudal... 552 { 

Mirul 1 090 [• 

MateushKa’ ifiSO . 

M’ta Elec Works- 486 ; 
M’bishl Bank ....' 600 : 

MTbiehi Corp. - 497 

M'bWH Elect . . 232 ! 
ITbMH W East- 426 ] 

M HI • I’* j 

Mitsui Co j I 

Mitsui R! Est. 604 

MHm-koetd— ... 340 

(SESShM.* 4M 

Nippon Denso_H..U,OaO 
Nippon Gakkl -...j 644 

Bsaed i ■ 

BSBB3 SS 
BC5!=IJ8 

Nissan Motor. ! 7»4 

Ntsshin Fleur 552 

Ntashin Steel.,.-. 181 
No«*uta — 405 

NYIti.-:. ; .. *47 

Olympus...... 948 

Orient-. .. ^}JB0 ; 

Pioneer- 1.480 

Renown— — 7Z0 . 

Ricoh...- - 480 ! 

Sanyo Elects.... 406 f 
Sapporo - 855 • 

Sekfsu/ Prefab ... 6f 1 * 

Sharp- f 4 ® ! 

Shuusdo 838 

Sony. 3,240 | 

Stanley ... ... 349 f 

Stomo Marine .. . 220 , 


0.18 

1.65 1+0.96' 

2 68 J 

1.70 

0.09 

0.73 

3^0 . +0.82 
0.69- +O.B4 
1.58 +0.BI 

2.48- +0A3 


230 


.J 580 

-9 

..! T77 

+ 7 

...4,030 

+ 80 

209 


..! 857, 

-so' 

.. 429 


.. 439 

+4 

r. 830 


_ 109 

+8“ 

424 

—1 

.. 204 


J 309 

+i 

.1 403 

+2 

..’ 431 


... 901 

—4 

..-2,130 

+40 

715 

+ 3 

J 675 

—3 

550 

+ 2 

.> 231. 


a.: 497 



AUSTRIA 


July 12 -i Price I + or 


- i . . . f 

207 | —2 

Landerbank 

180 

Periinooser 

266 ■ 

Sam peril . J, 

69 ' -1 

Steyr Daimler...., 

144 j -1 

Voitscher Mag...; 

195 1 +6 


BELGIUM /LUXEMBOURG 


( M ) Saturday July 10: Jspsn Dew 7104^8. TS6 503,15. 

Base values of ell indices *re 100 except Austral* All Qrdinery and Mauls— 
500. NYSE All Common — 50; Standard and Poors— 10: and Toronto — 1.000; the 
last named baaed on 1973. t Excluding bonds. - } 400 industrials. § 400 
Industrials plus 40 Utilities. 40 Financials and 20 Transports. c Closed, 
u Unavailable. 


July 12 


ARBED 

Banq Int A Lux.. 

Bekacrt B — 

ClmentAR.— 

Cockerlll ... - 

EBES. 

Etectrobel 

Fabrique Nat.... 

G.B. Inno 

GSL iBruxU 

Gevaert 

Hoboken 

Intercom 

Krediotbank 

Pan HWg*,n 


t 

-i 4,100; - 
.[' 2,135) 

. 1,450! 

• X40-; 

; i.66 3 

2.4Z3' 
2,580 
, l,3B6r 
1,720' 
f 2,970; 

, 1.326, 
4,505 

f ejao; 


AEG-Telef. 30.5 

Allianz Vers. | 456 

6A5F i H6.9 

BAYER 108 

BayerHypo 208.0 

Bayer-verein I 276 

BHF-Benk- — 209 

BMW. — - 204 

Brown Boverl...- 179.5 
Commerzbank— 134 J) 

Conti flumml 50.6 

Dafmler Benz^.. 300^ 

Degueaa 209 

Demag — 121 

D'sche Be bco o kJ 186 I 
Deutsche Bank-.) 206 j- 

DU Sohulti.. 164 j 

Dresdner Bank... 137 : 
GHH i.,v. — 178.7 
Hapag Ueyd — sijqL 

Hoecfifti,..-..-.-.i 109^; 

Hoeeoh - —-■■I 31.31 

HolrmsnniPi 4X1 I 

Horten ....\ 117 {; 

Kali und Salt-. J 148,5| 
KaMtxft :.;,L 314 | 

Xbtfftw f.— 175 

KHD 177 

KioeoXnAT ' 56.0 

Krtfpp J. 68. 

Undo 283 

Lufthansa...., . m.„ 64 A 

MAN.- 166^ 

Maimestnaiw 13QA 
Mercedes 272 

Metal Is easel I „ 205 

Mucneh Rueeicu 642 

Prausatvfl 177 

Rhein West Elect! 170 

Rosenthal-.; - 247 

Bettering 271 

Siomen. . 220.5 
Thyssen-.. — .... 84.8 

varta... 14B 

Veba...,- 128,5 

Vereln-Watt.— .- 269 j 
YoDeswagen. ! 139-0, 


, July 12 j Prioe'] + or 

'Kroner! — 


Bergen* Bank 109 l 

Borregaard ! 112£. +4.5 

Credltbank. 138 ) 

El kam. 46.5! +0 j$ 

Kosmos... ;-... 300. • 

Norsk. Hydro 268. +OJ 

Storebrand I 190' r + 10 


5WS3!34 

-- -.July. to Price i+ or 

1 Kroner — 


AOA: 

AIf»>Lavai I 

ASEA.; | 

Asths— -. —....■ 

At las copoo . -! ’!! 

Boiklen 

CeRultua 

ElsctroluxH....— 

Ericsson ....... — 

EssetWFree)-.... 

Fegerata.-. 

Fortia (Free) 

Mo och Dom 

Saatar-Skania 

Sandvik (Free)— 

Skandla— 

Skan EnsMlde—. 

SKFB 

St Kooparberg.- 

swo Hendeisbn. 
Swedish Match- 
Vo/vo (Free) 


HONG KONG 


SINGAPORE 

July 12 


Prioe I + or. 
H.K. 3 i — . 


Cheung Kong.....^ 15.S j +0-.I 

Cosmo Prop 1 1.70 

Cross Harbour—, 10.0 I 

Hang Sang Bank.. 87 J} ■ + ij 
HK EieotrlB-—... 1 6.3 ; +0.J 
HK Kowtoon'Whfr 4.671 +03 

HK Land J 7,65/ +0.1 

Hk Shanghl Kk-.-l IU ! +0.1 

HK Telephone— .; 5LB ' +1.3 
Hutchison Wpe... 16.8 I +1.3 
Jbrdlna Mat/)-...; 16.8 ' ,-O.a 
New World Dev..- . 4.0' +0.1 
Oaeas Trust BkJ 5.55;. +.0J 
3HK Props.. -..'-1 7.50' +0.4 

Swire. Pac A. s 11.7- 1 +0.3 

WheeTk Hard Aj- -530.-' +0^ 
Wheel' KMxrltTe, .4;6 
World Int. H/dnsJ -2.771+01 

JAPAN 

July 12 - Prioe j+ or 
- i Yah. I — 


Boustead Bhd— . 

Cold Storage. 

D8X»-..- 

Fraser ANeave.. 
Haw Par. ■.... 
inch papa Bhd— 
Malay Banking... 
Malay JJww...«.. 

s/me Darby... ..... 

Straita'Trg. ...... .. 

UBO-U - . 


j Prioe I +or 

. 1,82 

3,60 

' 7,55 } +0.1 

;• 5^0 | 

.. 6.15 j +0A 

1 8,20 i +0.1 

1.90 

., 5.40 . +0.1S 
. 5.98 ' +0.02 


SWITZERLAND 


I + or 
! Price - 
I Fra. 


Alueulne 425< 

BroVrn Boveri — .]- 870' 

CibaJMgy 4. ...J iJlOi 
do (Part Certs)- 1,010 
Credit 3u*ae-. 1,610 

Elektrowatt. 2^40, 

FUcher (Geo) - 396' 
Hof f-RoohaPtCts 56.000/ 
Hof f-Roche - 1/10 6.660 1 
Interfood — 5,560 

JelmoH 1300 

Landis A Gyr-— .790 
Nastio— _1 3.S20 1 

Oer^Buehrlo- 1,060 

Pirelli 213j 

Saodoz ( B). 3, 900! 
Saddor (ftCts).. 5401 
SohlndleriPtCts) ' 27 sj 
Swissair . —.3. . 

Swiss Benfe..,.., J 37s[“ 
Swiss Jl si nsoe—.l 6^6q 
Swisa Vofksbk-.. ' 99ffl 
Union Bank— ,,..f 2^351 
Wi nterthur >.k — 2,100 
Zurich, thsi ;,..14^50 !- 


Ajinomoto...... 

Amada 

Asahl Glass;.-. 

Bridgestone^.. 

Canon— 

CHJwin^— 

Delel.i u .^.-..... 

DKBO 

Dal Nippon P!^j 
Daiwa House..,. 
Dal wa selkoi— 
Ebara — 

Bid ■ - 

Fuji 6i»niC-..!!!. 
Fuji FRm.,„... 

Fujisawa 

Fujitsu Fanuo. 
Gtean Crdes^.... 

Kamgawn. 

HehvaRiEast-.. 
Hitachi..,.; ..... 

HttaaW KokL 

Hopda 

Houeefood 

Hoya 

ItdrfCI.. I......... 

Ito-Hiftn — 

Ho-Yokado 



te. rr:::: 

wo6oap„_.^; 

Heshlyama.. 


Mils 

Hokuyo ..... 

Komatsu ..._ 
Komatsu P*ift 
Konlshrolko. 


... -aaor 

-. 495 
— 482- 

: 431 
..: 740 
... . 279 
4. • BIB. 

4B4 

In. 820. 

:... .394 
400 
„. 3M. 

. aso 

-> -500 

..:*.3no 

“jSBS. 

JSB' 
' 536 

■: «5 

J < -748 
j: : 881 
710 
,. H *76 
._ i'BOI 
*38 
-. -"401 : 
... 2,340 
„ QTfl 
-. ‘ 323~ 
..; 

7W 

373 



.. • 916 
.. 465, 
..350 

..on 


SOUTH AFRICA 

July 18 ' : Pries:- + or 

- Rand i ■- 

AtMceom ......; I 2.50. +0.1S 

AKftCl I 6.50: +0.ZS 

Anglo Am.. ..-10.1%' +0.4 
Anglo Am Gold... 63.5; +SJS 
Ams/fOAin Prepj 202' 
Barlow Rand;„i ' 7.101- +0.10 
BuffeieJ. * £9.00 + 1.2ft 

CRA invest. 6J51 

Carrie Fthanca J 2.2tr 

Be P s ira ..- ........ 4,60'. +6.1^ 

Orfefonte/n -98,75' +2.9 S 

FBCeduW- - 35^6i +i9fl 

GOM Fields BA,.,. 49.50: 

High veld Steel.:.. S.BOf - 

HUIetto - 6JD 1 

KlOOf..—. m 25,6 l +%0 

Nedbank B.Sof +0.2B 

ok Bazaars.....:... la.soi +a» 
Protea Hldss.;.... 2Jffi +0,20 

Rembraint— . B.75I 

«emriee^_ : 3.75* +o.e 

Rust Plat-,.-. 3,35; +0J0 

Sage H1dg u . 2.15/ 

4.10! 

Tiger Ctetti. 17.25 +0.» 

PittOcneiar Rand US$0.78 } 
(Discount of 9.9%) 
«UZU. 


Aoesita.. 

Banco Brasil - - 

Be too Min--,.;.... 

Brahma PP.„- .h 

LojasAmer ...... 

Mannasnutnn OP 
PetrobnaFfP.;.... 

SousaCrm:....... 

Unlpar PB. 

VUa WoDoce.. 


Turnover Cr 1 JSBO.Srn 

. VoiunuL 147 8m. 

Source. Are da Janeiro SB 


y^J*?’**-**** «!* «HV «a Quoted on 

Mdh*ld»i qadwagea 'end laet traded prieea. 5 Dealings 
^W*^d. xd Ex db rid sad . koEx ecrip Isaue. xr Ex right*. 






1 


—"--A. 


Financial Tlrnes'Tu'esdayJuly 13 1982 

CoBpaniBS and Markets LONDON SLOCK EXCHANGE 


31 


Lower international interest rates trigger sizeable 

which rise to 20-month highs 



Account Dealing Dates 
Option 

•First Declan* List Account 
Dealings tions Dealings Day 
July 5 July 15 July 16 July 2$ 
July 19 July 29 July 30 Aug 9 
Aug. 2 Aug-12 Aug 13 Aug 23 

* “ doaluigt may taka 

from 9.30 in two business (ttys, 
rarlrar. • 

Interest rate hopes heightened 
in London stock markets yester- 
day, leading to fresh sizeable 
investment .support and a par- 
ticularly ■ eventful day in 
Government securities. Failing 
U.S. broker loan And prime lend- ' 
ing rates in. the wake of last 
week’s (further sharp drop in U.S. • 
money supply gave institutional 
a ad smaller investors the green 
light to commit fluids. 

The authorities' remaining 
supply of the short tap stock, 
£30-paid -Treasury Convertible 
121 per cent 1888, was exhausted 
soon after the opening. The 
Government broker rejected bids 
of 301 and 30} before accepting 
301, and such was demand that 
orders were scaled-down to 40- 
per cent The partly-paid stock 
rose to 30*3 but profit-taking 
pared the final gain to one of 
i. at 30}. 

Remaining shorts were 
occasionally jf better and it was 
the untapped longer end of the 
market wblcb made the sharpest 
response. Selected longs rose 1} 
points before easing to close 
around 1|. up after the 320 pm. 
announcement that the author- 
ties are to issue six flOOm 
tranches of existing Gilts with 
maturing dates ranging from 
1985 to 1898 ^which will not 
operate as traditional -laps. 


Mounting pressure bn the UK 
clearing banks to'cut base- Tates 
following further reductions in 
money market intervention 
rates yesterday underpinned the 
Gilt market strength- This was 
recognised in a fresh rise of 0.63 
in. the FT Government ’ Securi- 
ties index to 71.07, its highest 
since November 24, 1980. 

Equity markets appeared none 
too enthusiastic about Wall 
Street's good response to lower 
interest rates on Friday and 
again at yesterday’s opening. 
Sentiment in London did im-. 
prove, slightly, but Once, again 
demand was highly specialised 
and not in the vohzme dealers 
.expect to accompany present 
trends ..towards cheaper- money. 
The rail .. strike and farther 
gloomy '' predictions abont- 
' economic prospects were in- 
hibiting influences. 

Among leading shares, the 
investment re-rating of Glaxo 
continued . and the . shares 
bounded 16 more' to -a record 
756p. Thorn Em staged a limited 
recovery awaiting Thursday’s 
preliminary statement, but Rank 
Organisation tumbled 14 to 134p 
on acute disappointment with 
the interim results. Around three 
points up at 10.00 am, the FT 
Industrial Ordinary share index 
did little more than mark time 
at subsequent- calculations prior 
to closing *LS up at 6572. 

Discounts better 

Discount Houses continued to 
reflect the strength of gilts with 
gains to -5. . 

News of the EEC Commis- 
sion's official approval . of 


Allianz's ■ major shareholding 
saw Eagle Star move up to touch 
a 1982 peak of 373p bn hopes of 
a fuU-scale bid. before dosing 
only 2 better on balance at 37Qp. 
-Elsewhere in Insurances, Stewart 
Wrightson gained 8 to 260 p. 

The two latest entrants to the 
Unlisted Securities Market made 


phones and Cable $ to 627p, 
while Security Centres improved 
6 to 13Sp 

Business in the Engineering 
leaders remained slow, but 
quotations were .inclined firmer. 
Elsewhere, Careio featured with 
a jump of 10 to 58p in response 
to the good results, while Chem- 


iSO r 


160L 


140 j- 



120i 


100 


1980 


1981 


1982 


FINANCIAL TIMES STOCK INDICES 


Government Sect. ... 

Fixed Interests. 

Industrial Ord 

Gold Mines.-., 

Ord, DFv. Yield. 

Earnings, YldJC (fillip 
P/E Ratio (net) (*), 

Total bargains-,.- ..... 

Equity turnover km J 
Equity bargain*..,—. 

10 am 556.6. H am 5562. Noon S5S.0. .1 pm 5562. 

;* 2 fan 55K2. 3 pm 556.* 

Basis -100 - Govt,- Secs. 16/10/26. Fixed In*. 1928. Industrial 
1/7/35. Odd Mines 12/9/66. SE Activity ISM. 

Latest Index 01-346 0026. 
rNH-9.73. 



HIGHS AND LOWS 


S.E. ACTIVITY 


■L- 


1882 


ISJnceCompUat'nl 


T ^Sb j \ Hlgh.| Low.J. 


July -I Juhr 


-Dally 
Gilt Edged 


Fixed InL....' 71.36 

. tmn 

Ind. Ord...... 594.0 

Gold Mine 


'Gilt Edgi 

(sin j.p/i/w : (6/i/re) 


GOVt, Secs... 71.07 ; 8109 1B7.4 | 48.18 

' 412/7) ' ‘ 1 

62.79 1 160.4 ! 50.53 i Bargains .! 

OH) ‘ a,ws > ! Value ! 

51B.1 • 5B7.3 49.4 

,(5/1) (SB/4/81) (S/B/W) f '! 

308.0 1810 ; 5580 ; 45.5 Equities "j 

15/ f) ! V&JK1 (22 (3/BO) (26/10/71), Bargains... 

• ♦ .1 • Valuer....! 


187.41 


69 

Z61.7 


175.5 

69.5 

886.8 


180.1 178.7 

68.8! 70.4 

855.11 240JB 


quiet debuts. Anglo-Nordlc, 
which- gained entry through a 
reverse takeover bid for Anglo- 
Argentine Tramways, opened at 
43p hut eased to close at 41p. 
Ecobric, placed -as a unit of new 
Ordinary 'Glares and existing 
Ordinary and Deferred shares, 
'attracted little interest; the new 
Ordinary closed at 105p and the 
Deferred at 62p. 

Building shares usually closed 
better, where altered. A: Monk 
advanced to 70p on the trebled 
profits and doubled dividend 
before closing a net 5 up at 68p. 
Hat Group firmed 2} to 8Sp in 
response to weekend Press men- 
tion. Interest was shown in 
Phoenix Umber, which advanced 
6 to B2p. 

Id fluctuated within fairly 
narrow limits before settling 2 
cheaper at 296p. Amersham fell 
to 222p following preliminary 
results well below best expecta- 
tions, but rallied to close only 
2 off on balance at 228p. 

Movements of note among 
Stores' were generally confined 
to secondary issues. Renewed 
profit-taking left Cornell Dresses 
J1 lower at 165p and Polly Peck 
a similar amount, cheaper at 
340p. Waring and Gil low lacked 
support and were sold down to 
S2p for a loss of 4, while Time 
Products shed a couple of pence 
to a 1982 low of 19p. Annual 
results from Rainers (Jewellers) 
proved no worse than ifeared and 
the shares held at 36p. ‘ 

Thom EMI rally - 

Down 26 last week on nervous 
selling induced by fund-raising 
fears, Thorn EMI rallied 8 to 
390 p. after 392? , in response to 
re-assuring comment ahead of 
Thursday’s preliminary figures. 
Elsewhere in Electricals, 
Crystalale came in for specula- 
tive support and closed 12 to 
the good at 136p. Investment 
buying lifted Standard Tele- 


ring, up 20 at 375p in a limited 
market, reflected favourable 
Press mention. Edbro, in con- 
trast, eased 4 to SSp on scattered 
offerings, while Benjamin Priest 
gave up 1} to 23p. 

A slightly firmer trend 
developed among Foods, 
although business remained thin. 
British Sugar gained 3 to 463p 
awaiting further news regarding 
the unwelcome offer from S. and 
W. Berisford, 5 easier at 138p. 
The subject of a re-rating 
recently, Tesco added 2 more to 
71p. Uni gale, preliminary figures 
expected on Thursday, rose 3 to 
86p, JLeanons touched 35p before 
settling for a net loss of 2 at 
39p, tbe increased dividend fail- 
ing to divert attention away 
from the sharp setback in full- 
year profits 

Rank weak 

The after-hours* announce- 
ment of tbe 16 per cent con- 
traction in Interim profits and 
the accompanying gloomy state- 
ment prompted weakness in 
Rank Organisation which 
finished 14 down at I34p; 
associated concern A. Kershaw 
dipped 15 in sympathy to 185 d. 
Elsewhere in miscellaneous in- 
dustrials, buying on further con- 
sideration of the U.S. profits 
potential of its Zantac anti- 
ulcer drug helped Glaxo to 
advance 16 more to a 1882 peak 
of 756p. Secondary issues were 
featured by a late rise of 3 to 
2S*p in Maurice James following 
a bid approach. Press comment 
prompted a rise of 3 to 58p in 
Alpine and a similar gain to 48p 
in Longton Industries. Reflect- 
ing the success of the rights' 
issue. Applied Computer gained 
7 to 187p, while Western Board 
Mills finned 3 to ISSp on the re- 
sults. Hopes of likely benefits 
accruing from the rail strike 
helped United Parcels to add 


6 more to’ 211p.' 

Holiday shares continued to 
react to reports of falling book- 
ings. Kntasun, in its first session 
with a full Stock Exchange list- 
ing, eased 3 to Hip, while 

■ Horizon gave np 4 for a two 1 , 
day loss of 14 at 171p. Saga, 
however, moved against the 
trend following favourable press 

■ comment and added 3 to 133p. 

Motor and aircraft com- 
ponent manufacturers usually 
finished higher. Dunlop stood 
out with a gain of 3 to 67p 
-following the sale of Its con- 
trolling interest in Dunlop 
Malaysian Industries to Peg! 
Malaysia for about £73m. An 
easier market last week, Kwtk- 
Fit staged. a useful recovery and' 
rose 4 to 41p. Attention in 
Garages was focused on BL 
dealers on vague talk of 
rationalisation within the sector 
or possible asset disposals. 

Buyers remained disin- 
terested in leading Properties. 
Suspended last Wednesday at 
10} p - following news of a 
possible bid from Howard 
Tenens, dealings in Crest Inter- 
national were resumed and the 
close was 12p. - 

Oils on offer 

The possible repercussions on 
the $34 reference price for 
crude following the failure of 
the Opec talks made for a 
distinctly dull trading session in 
Oil shares. British Petroleum 
came on offer and touched a 
new low for the year of 264p 
before settling at 26Bp for a fall 
of 6 on the day. Shell, however, 
finished only .2 cheaper at 390p, 
after 3S6p. Lasmo reacted lOp to 
2B2p and Ultramar 5 cheaper to 
3S5p. Elsewhere, Goal Petroleum 
were quoted ex rights at S4p, 
with the new shares at 4p 
premium. 

Against the - trend in firm 
Trusts, adverse press mention 
prompted selling of Gresham 
House which gave up 8 to 132p. 
Among Financials, IL P. Martin 
revived with a rise of 8 to 303p. 

Textiles featured Shaw 
Carpets which fell 2} to 12}p 
following the full-year deficit of 
£2.26m and nominal dividend 
payment 

Golds buoyant 

Mining markets enjoyed one 
of their best days for many 
weeks as sharp gains in precious 
and base-metal prices 
encouraged heavy buying of 
Golds, Financials and 
Australians. Interest rate cuts in 
the U.S. on Friday and the 
prospect of imminent cuts in 
UK rates fuelled strong demand 
for bullion which, after touch- 
ing 3345 in New York on Fri- 
day, rose In London 825 to $343, 
Its best closing level since early 
May. 

Gold shares were marked-up 
sharply at the outset and con- 
tinued to move strongly ahead 
throughout the session follow- 
ing sizeable and aggressive 
London and overseas buying. 

Gains were accentuated by 
large-scale bear closing and the 
limited amount of stock on offer. 


Hie Gold Mines index responded 
with an advance of 13.4 to 207.9, 
the biggest one-day rise since 
April 5. 

Among the heavyweights, 
rises extended to almost £2, as 
In Randfontdn, £22}. 

Baying of golds and gold- 
related issues spilled over into 
Financials with GFSA particu- 
larly in demand and finally £21 
up at £25}. 

Stock shortages also led to 
substantial gains in London- 
domiciled Financials. Rio Tinto- 
Zlnc, the subject of persistent 
investment demand last week, 
jumped 21 more to- 391p while 
Gold Fields added 15 at 375p, 
after 377p. 

. Initial strong gains in 
Australians, prompted by the 
widespread improvements in 
metal prices, were extended In 
afterbours’ trading ' following 
another good performance by 

Wall Street 

Double-figure gains were re- 
corded in CRA. 168p, MEW Hold- 
ings, 15Sp, Western Mining, 
167p, and Centre! Norseman. 
215p, while Poseidon, 91p, and 
Bougainville, 6Sp, both gained 
6. 

Activity in Traded Options 
was again centered on Imperial 
and Lonrho. The former re- 
mained active, in the wake of 
last week's first-half figures and 
attracted 357 calls with the 
popular August 80s and 100s 
accounting for 120 and 108 deals 
respectively. Lonrho. interim re- 
sults expected shortly, recorded 
344 calls and 47 puts. Total con- 
tracts struck yesterday 
amounted to 1,744. well below 
last week's daily average of 
2,254. 


OPTIONS 

First Last Last For 

Beal- Deal- Declare- Settle- 

tag* ings tion ment 

July 12 July 23 Oct 14 Oct 25 
July 26 Aug 6 Oct 28 Nov 8 
Aug 9 Aug 20 Nov 11 Nov 22 

For rate indications see end oj 
Share Information Service 
Money was given for the call 
in Loraloe Gold. Barr and Wal- 
lace Arnold Trust A, UDS, 
Western Holdings, Lagan vale 

Estates, BET. Inter-City, Bons- 
tead, Claremont Petroleum, 
Barrett Developments, United 
Engineering Industries and 
Ladhroke. A put was done in 
De Beers Deferred, while 
doubles were taken out in BP. 
RTZ, Lonrho. Grtndlays, UDS 
and United Engineering Indus- 
tries. 


RISES AND FALLS 
YESTERDAY 

Rise* Falls Seme 

British Funds 87—4 

Corpns. Dom. 8 

Foreign Bonds ... 37 1 38 

Industrials 254 146 337 

Financial 5 Props. IBS 39 305 

Oils 17 » 9 

Plantations — — 23 

Mines 83 6 68 

Others 64 40 65 

Totals 700 263 1/BB 


RECENT ISSUES 


EQUITIES 


Issue [la [geo 

Price “■a 523 

p !ll!3|° 

I I 


1982 


High Low 


** 

94? 

T* 

•Si 
*250 
J45 If.P. 

46 

ISO 


If.p. 

FJ». 

IFA 

FA 


30/7 

23/6 


15 

<860 


F.P.i30/7 
F.P.,85/6 
F.P. 16 4 

FJ*J 4/6 455 1293 


-TTU 

{518 .F.PJ30/7 
930 IF.P.2B/5 

- F.P.; - 

- F.P.' - 
*B7ialFJ».25/6 

F.P.I .6/8 
F.PJ30/7 
F.P.; 2/7 


*60 

9137 

{105 

600 

§150 

77 

140 

4* 

TY 


F.P.| 8/7 
F.P.13/8 
F-P.114/7 

;f. p.p/6 

F-p.r - 

;FJ».I - 


43 

821s 

16 

48 


46 

65 

101 

38 


41 

821s 

II 

i860 

45 

60 

98 

19 


59 

168 

106 


58 

140 

105 


62 J 68 
SB i 84 


17 

60 

195 

121 

650 

155 

97 

106 

44 

90 


10 

60 

150 

110 

596 

150 

60 

160 

36 

40 


StooK 


i£s . 

ns~oJ 

\o . 


a 3 

H- or j|S| 


"5 

go 

o> 


.o 

L * 


Anglo- Nordic Sp ......I 41 

Antofagasta Hldg§(6l 82ia 
Argyll Foods Warr’ts^ 16 

Argyle Trust i 44 1 

Assoc, Heat Sarvices282 ... 

Atlantis Res. inL. ! 44 1-1 

Bairstow Eves 5p — 

£• Black (Michael) 20 
Osin br Ion ft Gan. 7: 

•fcCont. Microwave 

;6>Dencora i 62 

l&Druck Hldgs. il&S 

Ecobric NswOrd£l'l05 

Do. Defd 62 

Electro-Prot USSO.Bfl 90 
dGrouplnvOption.....l 12 
■fr Knight Cmptr Int5pi 60 

* McCarthy Cc Stone. ..‘192 

* Miles 33 lOp. 117 

Orlflame BA (U£*l J>S))605 
4» Olifield I nap. Srve ..{162 
I* Radio City *A' NV... BB 

i* Ruddle (G.) lOp 183 

Walker (Alfred) lOp.J 38 
IZaniblaConsCpr lOKl 50 


lbO.69; 2.01 3,1)26.1 


-I 7.0 


ban 


S....J 63 i bl.61 

I20p 98 1 u3.0 

• 7{pj 30 ! I - 

Vo. ..1415 •' bfiJ 


3.6|)11| 2.3 ^ 

£ij 4.e|i473 '• 

2.01 4.3|1&) i 
2.4l4!7[)£7 


3J)| 1 .8,15.4 

!b83 IzTolii'az 

IbdlO A IJ-MJ 4.S 


-;uQ1 Jc 8.9| 

! bdlJ 2.o[ 

JbS.75i 8.T 
lud2J 1 4 3 
|bQ50c2ja 
ju2.1 I 3.7, 

*£ 

I 8 - 5 : 

— l — ! 


...... U8.1 | 3.5 

-.... bO.6 1.! 

■>...b3,3 2.C 
iW,75 6.1 


12.1 


13.1 

11.5 


2.4< 10.2 
4.61 9.7 
2.0117.4 
9.0J1B.4 
2.6^21^ 
231 7.1 


FIXED INTEREST STOCKS 


Issue 1 

IS’ 

m c« 

1982 


tat 

price | 
£ 1 

B 

xSu 

-*e 


Stack 

s| 

5a 


<a 

High ] Low 



1100 
*100 
1100 
44 
101 
1 100 
98.55 
100 
100 
B9.345 
^100 
4100 JF.P. 
3100 1 Nil 


F.P. 

F.P. 

£10 

Nil 

F.P. 

F.P. 

F.P. 

£85 

F.P. 

F.P. 

£25 

F.P. 


! 9)7 
126(8 
129/7 


30)7 


+ of 


60p I 
107 1100 


IBenlox 8S Conv. Cum. Rd. Pf. 101 ! 


llSjj 10lc:BoumemoutJsV<(ater93. Red. Prf. ■0789.! 11 V 


pm 
146 is 
... ,109 
9/7 |Z01 , 
■8/101 27 


isrt 

107 \* 


ronite lA® Cnv. Una. Ln.‘92 ;i« pm!— U 


First Nst. 124 pc Conv. Una. Ln. 1987..il3§ 

4- Lon&Contl USConv.Su b Uns.Ln.-0B-O2|IO8 
91 ^(Marlborough Prop*. lB&Cnv. Ln.'oasooai 91 1, 

, 23 | Mid land Bk. 14p„ Sub. Utis. Ln. 3002-07.! 27 , 

- I lOOta! 100 1| jNation wi de Bdg. Soc. 13fe% i3i6iB*t_ lOOlj 


- (lOOSai seta 
86)21 241 b 
47 I 30 
46 45 

123/7 -7ppm4ppm 


Do. 14£ (4/7/83 1 .. 1 100 Sb' 1 

New Zealand 14 ijJ 1987 - 26i2j + l l 

RIT & Northern 4po Net Cum. Prf. £1141 ■ 

Do. 4.7pc Net Cum. Prf. £1> 46 | — 
Rotaprint 11 * 2 ?, Cum. Conv. Red. Pref;jppml— 4 


l—l 

4-1 

'I 


I i 


44 RIGHTS 99 OFFERS 


Latest 


Issue 

price 

P 

If 

Renunc. 

date 

ffi ■ 

1982 

High 

Low 

166 

F.P. 

fi/7 

6/8 

189 

188 

170 

F.P. 

13/5 

24/8 

190 

180 

25 

Nil 

29/7 

’26/6 

Uspm 

1pm 

78 

Nil 


— 

4pm 

4pm 

174 

F.P. 

18/6 

30/7 

234 

218 

25 

Nil 

26/7 

3/9 

2pm 

2pm 

65 

Nil 

— 

— 

9pm 

8pm 

50 

F.P. 

24/6 

13/8 

61 

62 

325 

F.P. 

17/6 

30/7 

445 

380 

215 

F.P. 

5/7 

13/8 

361 

243 

26 

F.P. 

10/5 

10/6 

25 

24 


Stock 


Bank LeumiiUK)£I^ 

Cronite 

>f Goal Pet. 5p 

Grand Met 60p 

jenks & Cattail 

Minster Assets 

Press (Wm.) lOp 

Saatehl & Saatchl lOp 

Sketch ley 

Young (H.) - 


■5 1 a !+« 

P? 1 — 


189 i 
158 I 
Ds pm) 

2% m \ 

2pmi 

9pm' 

60 I 

417 ! 
261 | 
25 I 


+ 4 
+ 5"' 


ACTIVE STOCKS 

AbavB average activity was noted in the following stocks yesterday 


Stock 

Brit. Si Commonwlth. 

Careio 

Cana. Gold Fields ... 


Humphries Hldgs. 
Lennons 


Closing 

pnta 

Day's 


Closing 

price 

Day's 

pence 

change 

Stock 

pence 

change 

465 

+13 

Monk (A.) 

68 

+ 5 

58. 

+ 10 

Rank Org 

134 

-14 

375 

+15 

RTZ 

391 

+ 21 

233 

+ A 

Shaw Carpets 

12>* 

“ 2‘t 

15 

+ 3 

Thorn EMI 


+ 8 

39 

~ 2 

Veal Reels 


.+ 1* 


FRIDAY’S ACTIVE STOCKS 

Based on bargains recorded in SE Official List 


Stock 


Berisford (SW) 18 

Minot 15 

BAT Inds 13 

Glaxo 11 

ICI 11 

RHM 11 

RTZ 11 


Friday’s 
No. of closing 
price pries 
changes pence 


141 

150 

445 

740 

298 

53 

370 


Day's 
change 
+ 12 

- 3 
+ 7 
+ 4 

- .2 

+ 3 


Stock 
Da Beers Dfd. 10 

GEC 10 

Standard Tele. 10 

Thom EMi 10 

BICC 9 

Grand Met. ... 9 

British Aero. ... S 


Friday’s 
No. of closing 
pnee price Day’s 
changes pence change 


202 - 2 

no 3 . — 

619 ’+12 

382 -8 

290 — 

229 - 1 

232 — 


RemnctBOoo date usually last day tar dealing frw of stamp duty, b Figures 
based on prospectus estimate, a Dividend rata paid or payable on part of 
capital: cover bssed on dividend on full capita L a Assumed dividend and yield. 
t Indicated dividend:- cover relates to pravtoua dividend, P/E ratio based on latest 
annual oamings. a Forecast dividend: cover based on previous year's minings. 
F Dividend and yield based on prospectus or other official estimates tar 1982. 
Q Gross. T Figures assumed. • Figures or report awaited, t Cover allows for 
conversion of shares not now ranking for dividend or ranking only tor restricted 
dividends. 5 Placing price, p Pence unless otherwise Indicated. 7 Issued by 
tender. I Offered to holders of ordinary shares as a "rights." **lsrosd by way of 
capitalisation. 5S Rslntrodacsd. W Issued In connection with reotg intention, 
merger or take-over. || Introduction, a Issued to farmer preference holders. 
■ Allotment tatters (or fully-paid). • Provisional or partly-paid allotment letter*. 
4- With warrants. tt Dealings under special Rule. * Unlisted Securities 
Market, tt London Listing, t Effective Issue price eft or scrip, t Fonnerty 
dealt hi under Rule 163(2) (a), tt Unit comprising five ordinary and three 
Cep. shares. A Issued free as so entitiamenx to ordinary bolder*. 


FT-ACTOARIES SHARE INDICES 

These bate are the joint caa^bfea of the Hnandd Times the Institute of Actuaries 
araTthe Faaity of Actuaries 


* 

EQUITY GROUPS 

Mon July 12 1962 

FH 

T 

Tiros 

•y 

Wed 

Jdy 

7 

Dies 

Jriy 

6 

Year 

m 

(snsreJ 

& SUBnSECTBQNS 

Figures In pareaUmses show writer of 
stocks per section 

Inks 

to. 

DagTs 

Ctaege 

% 

Esl 

Eonrings 

YWd% 

(MnJ 

Gras 

«*. 

YMd % 
fACT 
at 30%) 

EsL 

WE 

Ratio 

(Net) 

tads 

Na 

tela 

Na 

Mac 

Na 

tad esc 

Na 

hdri 

Na 



394.97 

+03 

9.47 

425 

13J3 

3SU6 

39272 

39337 

3JU7 

34832 

2- 

Bulking Materials (23) — 

322.99 

SUM 

+0L5 

+«5 

1237 

1495 

558 

526 

MM 

728 

32L27 

585.79 

32146 

58173 

32182 

58306 

32*26 

58503 

29841 

54832 



355L3.9 

+fil 

080 

209 

1068 

1548.94 

15CL68 

151 025 

1520.41 

upm 



482.96 

+03 

MB 

s X 

9.08 

47918 

47017 

48305 

48238 

49920 



19&5Q 

+03 

1155 

5.99 

1047 

39US 

H545 

19623 

19658 

20715 

8 

Metals and Meta! Pfenning (11) 

147.49 

Q3JB3 

+14 

+15 

1049 

271 

&Z2 

8-15 

f 192 

MG5Z 

8455 

**S23 
■ 1521 

347-96 

8624 

mx 

Kl? 

MSL35 

9935 



3STJB2 

+05 

1038 

5.9B 

1138 

35394 

3HW6 

35387 

352.59 

379® 

21 

GOBISUMEB SR09P (202) 

305LS7 

win 

+07 • 
+13 

3306 

1436 

371 

632 

927 

851 

58372 

33M5 

SB 20 
33067 

30*01 

32244 

38*15 

300 

27746 

3B926 



264,44 

+05 

X751 

702 

663 

26318 

2836 

rejcL 

262*2 

25622 



636J7 

+02 

934 

331 

32.95 

83*38 

63837 

62786 

62281 

525-51 

27 

29 

32 

Health and Houafwld products (91 — 

4K67 

39936 

+15 

+09 

7J4 

1087 

348 

382 

1652 
11 fcl 

478.43 

39523 

47648 

4Bam 

47834 

40546 

46675 

4UL98 

33665 

43US 

Newspapers, Pittuffing OS 

50533 

14L09 

-04 

HU 

1349 

17-07 

637 

722 

933 

622 

50726 

ML38 

5HL96 

ML2B 

509.51 

VBM 

50958 

ML06 

49785 

14(46 

34 


268L89 

+05 

1075 

315 

1232 

ft* 'a 

26661 

26978 

Z7LM 

25786 


162J9 

+05 

1440 

623. 

043 

16140 

16239 

16909 

IBM 




336.90 

+«S 

22.96 

8l16 

488 

33525 

332-74 

33415 

33320 

-25L78 

39 

41 

42 
44 


mju\ 

+03 

637 

634 

3127 

36299 

26*75 

263JB 

26J4Z 

29*98 


24835 

-05 

1451 

6.77 

063 

24929 

24871 

24908 

25*17 

22285 


323-17 

-02 

1467 

739 

017 

32597 

32606 

32692 

32938 

27984 


45.43 

-63 

17.04 

9J5- 

721 

1B1M 

99.0 

99.98 

9998 

28858 


556J86 

+05 

.1939 

739 

634 

55419 

55734 

54699 

54447 

53*69 

46 


328.53 

HJJL 

1154 

371 

IBP 

9re.ni 

32668 

32731 

32921 

29034 


iutuKT,t»i amwkfqBn 

327.94 

+0.4 


329 



325.91 


3261& 

293.® 

51 

Oik 03 J 

66031 

-14 


081 

432 


ms 

PR 79 

65697 

PR IK 


69429 

22- 

aWSIUBglMUg 

24433 

+02 


6.94 


MS' 

24*34 

29LS5 

24998 

26989 



26 US 

-03 

3853 

832. 

224 

26777 

26934 

26746 

2E524 

27535 



237.99 

27141 


__ 

938 

. 

29335 

23076 

29039 

22935 

Z7745 

45 


+07 


674 



269.46 

27025 


MU 

26719 


157.05 

+08 


922 

— 

15523 

15177 

15*33 

Z52II 

17I5Z 

a 
- 68 


52632 

+03 

1070 

4.93 

3279 

52*77 

519-05 

51971 

xnre 

38L25 


131.62 

-02 



674 



urn 

33289 

re 7i 

33L29 

HA45 


393.85 

-02 

5.77 

428 

2336 

39172 

38630. 

39*^ 

39*S 

48744 



165.91 

+83 

1046 

690 

626 

U&CL 

BSM 

16388 

16415 

17653 

ULi 

71 

IwwuMWritTtufls CUD — --**- 

290.77 

19S75 

+L1 

+46 

1635 

364 

725 

776 

28753 

15735 

287.72 

18*57 

26628 
1C 38 

28SJ9 

18614 

38643 

2985 

SL 

99 

Overseas Traders (1B> — 

ALlrSMARE BWEXC730) . 

3S466 

32S55t 

-07 

+03j 

3447 

923 

626 

049 

ms 

38465 1 

3SS5I 

323.97 

35194 

32336 

34681 

■twin 

*3016 

3HJB 


FJXED INTEREST 





PBIQE 

Man 

Daft 

FM 

Trial 

teal 


HHHGES 


dang* 

% 

.¥■ 

mm 

1962 
id dries 


MBto Bn inffiiffij 






V 


non 

+820 

11328 

— 

598 

-2 

S-TSjtm ■■ ■■ — 

33529 

+180 

UU& 

- 

Ml 

3 

Over 15 yen 

non 

+13 

H7.« 

— 

784 

4 

i UJ 

32MS 

+132 

32089 

— 

X27 

5 

AlSlnriw.— 

13533 

+084. 

33*77 

— 

688 

~b 

WntaasILin 

9816 

+038 

8953 

— . 

583 

T 

Mlnw 

6619 

+883 

[6617 

— 

318 


AVERAGE GROSS 
H E DEMPn O W YIELDS 


Low 5 YMB * 

Coupons 15 yea**.— — - 

25 years—--- 


5 years..- 
15 years.-- 
25 yean., 


H8h. 5 |«k~, — , 

15 yean- 

25 years. 

li i B tonti ta 


Mr A Lome 5 ytm.. 

15 years.- 
25 years... 


|34lPrafrM 


Mon 

July 

Vi 


KL5B 

3216 

1246 

BJ5 

1122 

1272 

3322 

3348 

32JM 

3236 


3A25 

3AM 

3AM 


Fri 

,'T 


3Q6B 

WTI 

3262 
3X29 
-3342 
3288 
1336 
3358 
• wm 
: 3229 


2A52 

.3445 

3A4B 


3588 | 1588 


Year 

V> 

(jppnaJ 


1250 ' 

3336 

1338 

3AS6 

1332 

2471 

MM 

1531 

1AM 

2277 


1578 

15.91 

15.82 


1638 




NEW HIGHS AND 
LOWS FOR 1982 

Tlw following qnatstians In the Slure 
Information Service vrstsnlev attained new 
Hialu and Lows ter 1982. 

NEW HIGHS (87) 

BRITISH FUNDS 1401 
Exchar. 8 3. pc 1983 Tress. SlrfiC 87-90 


Flute, sitpc '87-91 
Trass IOpc 1992 
Exchar. 12 upc '92 
Exchar. 131-pc '92 
FndB. 6 pc 7993 
Treu. V4Hs>c ’94 
Exchar, isijsc '94 
Exchqr. T2i^>c '94 
Tress. 9oC 1992-96 
Exrtqr. 10 * 2 PC '97 
Tress. BUpe 1997 
Exchqr. ISpc 1097 
Tress. 15'»c 1B9B 
Tr*a«. lO^pc 1999 
Tress. 11>jpc '01-04 
Tress. One -02-06 
Tress. 1 3 >pc '04-08 
Tress. ShPC *08-12 
Tress. 30C *66 Ait 


Exchar. 3 pc 1983 
Exchar, IOpc 1983 
Fndg. Si- pc 'B20 M 
Exchar. 1 1 UPC '64 
Tress. ISpc 1965 
Tress. 3 pc 1005 
Tran. 11 hPC '85 
Eschar. 12i«PC 'B5 
Exchqr. 1 1 Upc *86 
Trees. 12PC 19BG 
Treas. B'rtK '84-85 
Treas. 12 Uik 19S6 
Fndo. 6'vc *85-87 
Treas. 3 pc 1987 
Treas. 12pc 1987 
Trnspt. Sue TS-aa 
Treas. lUrfc *89 
Tress. 5 pc *B6-e9 
Exchar. 12hpc *90 

INTERNATIONAL BANKS <1) 
Finland 14130 c Ln. *85 

CORPORATION LOANS (81 

Bstb 11 UK 1985 G.L.C. 13Uoc *84 
B'hani 12 .-pc ‘B5 Leeds 136K 2006 
Cardiff 1 iPC 1986 LCC Sijw: 1985-87 
LOANS (41 

FFI 71, pc A Det. Nationwide 155»pe 

1991- 94 7.Z_83 

Dp. 1'iK Ln. Do. 13TKJC 25J.B3 

1992- 97 cjj 

Gen. Elect . TRW Inc. 

BEERS €1} 

Greene Kins 

BUILDINGS (1> 

Monk (A.) CHEMICALS (2) 

Allied C°"°t L£CTUI £™t" 

Cambridge Elect. Racsl Elect. 

Crystalste Security Tag 

foodI^ ele - 

Salnsbvrv CJ.) ^ T«ro # 

Mount C^ us7riais (12) 


Glaxo 
Hargreaves 
KuntlniQh 

James fM.) 
Johnson aesners 

Longeon IM. 


Smith 6 Nephew 
Utd. Gas Inds. 

Utd. Parcel* 

Western Board 
Whitman Reeve Anfi. 
Zygsl 


INSURANCE (2) 

Herth 1C. EJ Wrightson 

MOTORS (21 

FAF E j ?5)« M 

TRUSTS (2) 

London Prudential Tbrog. Growth Cap. 
OIL & GAS (21 

London Amencsn London American 

Energy N.V. Energy Invests. 

NEW LOWS (50) 

AMERICANS (41 , 

Browning- Ferris Continental llllnoN 

“^’"SKad J53W- 

HOl " ,,flCr BANK5°12) ^ 

grown Shipley Deutsche Bank 

BUILDINGS 121 

Crouch (D.) ° u !?? n 

STORES 14} 

Lee Cooper Time Prods. 

^ ^ElXCTRK^7l? n- GI,,OW . 

Suter Elec. ENStNUR]NC ^ 

Ac row Priest (Bern 

Green's Economiser 

INDUSTRIALS 

Feseco-Mlassp Maneb. Ship Carol 

Jonfci & Cxttell NeM, * Soeneer 

Ktrsbaw (aj Rank Organisation 

Low & Sonar _ 

MOTORS Cl) 

Automotive Hanger 11 m. 

Lucas Inds. 

PAPER €21 

East Lancs. - More CFerrsll 

PROPERTY *11) 

A Knmt London Samael fropx. 

Chesarfteld Standard 5oS- 

GrevCoat EstL Sioefc Comerslon 

Lvneen MidiiK. Thames in*. 5 Sea. 

Pramne Can. Do. 12pc Cm. Pref- 

Recebsuga 

SHIPPING (2) 

Reardon Smit h Reardon Smith A 

TEXTILIS O) 

Tenured Jersey 

' T RUS TS Q> 

Gresham House Northern Secs. 

OIL & GAS <3l 
BP ORShgro 

Ceres Res. 

OVERSEAS TRADERS IT) 

Nesee Invests. 


WORLD VALUE OF THE POUND 


The table below gives the latest 
available rate of awdtsngs tar tho 
pound against various currencies on 
July 12. 1982. In some eases rates are 
nominal. Market rates era too average 


of buying and selling rates except 
where they ere shown to bo otherwise. 
In soma cases market rates have been 
coteuhited from those of foreign 
currencies to which they are tied. 


Abbreviations: (A) approadmuta rets, 
no direct quotation available; (F) free 
rate; (P) based on UJS. dollar paritisff 
and going sterling/dollar rates; (T) 
tourist rets; (Baa) basic rets: fbg) 
buying rets: (Bfc) bankers' rates; (cm) 


commercial rats: (ch) convertible rats: 
(hi) financial rates (exC) exchange 
certificate rate; (nc) non- com mer ci al 
rata; (nom) nominal; (o) official rats; 
(sg) selling rats. 


PLACE AND LOCAL UNIT 


VALUE OF 
£ STERLING 


Afghanistan Afghani i 

Albania ............ Lek j 

Algeria Dinar I 

tnHnrr. ;Frenoh Frano 

* ndorr ““ 1 Spanish Peseta 

Angola.- - Kwanza 

Antigua (5)... E. Caribbean 8 

Argentina^. Ar. Peso 

Australia (5) Australian 8 

Austria Schilling 

Azores Portugirsa Eaoudo, 

Bahamas Be. Dollar 

Bahrain.^ ...... Dinar 

Balearic Lilea^ Spa. Peseta 

Bangladesh Taka 

Barbados Barbados • 

Belgium—.. B. Franc 

Bolin 08 

Benin C.FJL Franc 

Bermuda.— Bda8 - 

Bhutan Indian Rupee 

Bolivia Bolivian I 


Botswana,,.^ Pula 

Brazil -...Cruzeiro 

BrIL Virgin tales..- U.S. S 

Brunei Brunei 6 

Bulgaria Lev 

Burma Kyat 

Burundi - Burundi Frann 

Comero’nRepubllc C.FJL. Franc 

Canada...- Canadian 6 

Canary islande SpsnishPeseta 

Cape Verde Isle.... Cape V. Escudo 
Cayman Islands .._ Coy. is. t 
Cant; Afr. Republic C.F.A. Fnano 

Chad — . CJFJL Franc 

Chile-.. — a Pen 

China. Renminbi Yuan 


Golem bia-..—... _. & Pose 
Comoro IsUnthL,-. C.FJL Franc 
Congo (Brazavllle). C.FX Frmno 

Costa Rica.: Colon 

Cuba~... Cuban Paso 

Cyprus Cyprus £ 

Czechoslovakia..— Koruna' 

Denmark.— - Danish Krone 

Djibouti — Fr. 

Dominioa E. Caribbean % 

Dominican Re pub. Dominican iPeso) 


Ecuador- 

Egypt- .'. 

Equatorial Guinea 
Ethiopia...-..-. 

Falkland Islands— 
Faroe Islands— 

Fill Islnds— 

Finland 

France-, 

FrenchCtyin At"._ 

French Guiana 

French Pacific l*_. 

Gabon 

Gambia 

Germany (East)-... 
Germany (WestJ.... 
Ghana 

Gibraltar— 

Greece....- 


. Sucre 


uele 
Ethiopian Birr 

Falkland Is £ 
Danish Krona 
FIJ iS . 
Markka 
French Franc 
C-FJL. Franc 
Local Franc 
C.F.P. Franc 
CJrJu Franc 

Dalasa 

Ostmark 
fieutsch Mark 
Cedi 

Gibraltar £ 
Drachma 


99.00 
10.37 
7.8905 
11.68 
192^50 

/(CM) 60.7025 
i(T) 62.601 
4.69 

/cm) 54,923 
(fn) 65.200 
1.7086 

30.006 

146.06 
1.7360 
0.653 

192.50 
58.25 
3.476 

/(cm) 81.55 
1(fn) 00.40 
3.476 
596 

1.7360 
16.40 

item) 76.47 
UFXW 173.6 
1^135 
305.6 

1.7360 
3.7396 
1.6720 

13.72 

157.50 
596 
2^045 
192^0 

95.06 

1.4403 

696 

566 

(BK)79J0 
5^6206 
(F) 110.8B 
696 
596 

/W) f4.76 (3) 
1(F) 69.62 
1.739 
0JB4 

/(corn) 10^0 

{ n/c 18.99 

14.835 
303 (eg) 

4.69 

1,7350 

(O) 57.56 

102 J6 

(U) 1.425 " 
221.63 

(P) 5.3000 

U) 

14.836 

- 1.6296' 

8J2130 
UJB2 
596 
11^2 
210 (eg) 

596 

4J) 

4^9 ‘ 

' 4.29 

4,75 

ZX> 

12a450 




PUCE AND LOCAL UNIT 


VALUE OF 
£ STERLING 


Greenland 

Granada — 

Guadeloupe 

Guam — 

Guatemala- 
Guinea Repubfle.. 

G Ulrica Bissau 

Guyana - 


. Danish Kroner 
. E. Caribbean 8 
. Local Franc 
. U.S. 5 
Quetzal 
. Syfl 
Peso 

. Guyanese 9 


Haiti Gourd 

Honduras Repub-. Lempira 
Hong Kong H.K. 9 

Hungary. Forint 


Iceland 

India 

Indonesia- '. 

Iran—v 

Iraq - 

Irish Republic . 

Israel— 

Italy- 

Ivory Coast 

Jamaica — — ... 

Japan 

Jordan — 

Kampuchea— 

Kenya ... 

Kiribati 

Korea (Nth) — 
Korea (Sth) — 
Kuwait 


. I. Krona 
. Ind. Rupee 
. Rupiah 
. Rial 

. Iraq Dinar 
. Irish £ 

.Shekel 
. Lira 

. C.FJL Fran a 

. Jamaica Dollar 
, Yen 

.Jordan Dinar 
.Rial 

, Kenya Shilling 
. Australian 5 
.Won 
. Won 

. Kuwait Dinar 


Laos - — New Kip 

Lebanon Lebanese £ 

Lesotho - — Loti 

Liberia Liberian 8 

Libya Libyan Dinar 

Liechtenstein...-.- Swiss Franc 
Luxembourg Lux Frann 


U»i—« ................... 

Madeira 

Malagasy Republic 

Malawi - 

Malaysia ■■ — 

Maldlve Island! .... 
Mall Republic...—. 

Malta 

Martinique— .. — 
Mauritania .. 

Mauritius — 

Mexico - — 

Miquelon. 

Monaco 

Mongolia..... - 

Montserrat, 

Morocco. ........ 

Mozambique. 


Pataca 

Portug'se Escudo 

MG Franc 

Kwacha 

Ringgit 

Rufiyaa 

Mall Franc 

Maltese £ 

Local Franc 
Ouguiya 
M. Rupee 
Mexican Peso 
C.FJL Franc 
French Franc 
Tugrik 

E. Caribbean 9 

Dirham 

Metical 


Nauru Australian Dollar 

Nepal - — Nepalese Rupee 

Netherlands Guilder 

NethertandAntilles Antillian Guilder 

New Zealand tiJL Dollar 

Nicaragua Cordoba 

Niger Republic. C-FJLFrono 

Nigeria— — Naira 
Norway. - Norway Krone 

Oman Sul 'ate of— Rial Oman) 

Pakistan*— E®“* tan Ru »* a 

Panama, toUboa 

papuai N.Gulnaa — . Kina 

Paraguay-- Guarani 


14.035 

4.69 

11.92 

1.7360 

1.7360 

39.67 

70.71 

5.1990 

8.60 

3.49 

10,182 

66.1001^ 

19.082 

16.46 

1.141.8 
145,5/89) 

0.50785 

1.2440 

43.07 

2.3960 

696 

3.0685 

440 

0.608 

2,085.6 

18.825 

1.7085 

1.75UI) 

1.281.08 
0.4902 

17.205 

9.001 

1.9910 

1.7560 

0.51452 

3.65 
81.87 

10.74 

146.05 

667.20 

I. 9240 
4.09 
13.12 

.1,192.0 

0.7220 

II. 93 
89.14 
19.02 

83.65 
596 

11.92 

(0)5.74(11) ' 
4.69 
10.4S 
53.145 

I. 70S6 ' 
22,941 
4.7250 
3.111 
2.5395 ' 
17.37 

596 

1.16763Qlsg) 

II. 00 

0.699 

21 

1.7360 - 
1.6820 
218.86 
U=) 517^9 


(S’ 


PLACE AND LOCAL UNIT 

VALUE OF 
£ STERLING 

Peru. ... 

..Sol 

«xe(A)ljl61.2 

Philippines 

..Philippine Peso,... 

14.53 

Pitcairn Islands 

i£ Sterling 
' 1 New Zealand 5 

2*3395 

Poland 

..Zloty 

f (Cmll49.ll 
l (D149.ll 

Portugal 

..Portugu'sa Escudo 

146.05 

Puerto Rico 

..U.S. S 1 

1.7360 



! 6.31 

Reunion He de la 

..French Frano 

11.92 

Romania...- 

■Leu 

((Cm)7.95 
l(n/ 0 ) 19.56 

Rwanda 

.Rwanda Franc 

16680 


St Christopher ...E. Caribbean 6 

SL Helena— St Helena £ 

S. Luola - E. Caribbean 8 

St Pierre Local Franc 

St Vlneent E. Car.bbean S 

Salvador El Colon 

Samoa American -U^. S 

San Marina Italian Lira 

SaoTome ft Prin.-Dobra 

Saudi Arabia Ryai 

Senegal C.F.A. Franc 

Seyohanaa s. Rupee 

Sierra Leone .......Leone 

Singapore Singapore 6 

Solomon Islands ...Solomon la. 8 
Somali Republic -.Somali Shilling (1) 
Somali Republic.... So mall Shilling (2) 
South Africa ....—..Rend 
South West African 

Territories S. A. Rand 

Spain - -.Peseta 

Spanish ports in 
North Africa Peseta 

8ri Lanka - .s. l. Rupee 

Sudan Republic —Sudan £ (u) 

Surinam. S. Guilder 

Swaziland ...— Lilangeni 

Sweden— ....— . ..S. Krona 

Switzerland Swlaa Franc 

Syria. -.Syria £ 

Taiwan New Taiwan S 

Tanzania Tan. Shilling 

Thailand -...-..Baht 

Togo Republic C.FJL Frano 

Tongs islands Ka'anga 

Trinidad .Trinidad ftTob. 8 

Tunisia. - .Tunisian Dinar 

Turkey .Turkish Lira 

Turks ft Caicos U.S. S 

Tuvalu -...Australian 6 

Uganda Uganda Shilling 

United states- U.S. Dollar 

Uruguay. —Uruguay Peso 

UM. Arab EmlratesU JLE. Dirham 

U.S£.ft..._ Rouble 

Upper Volta -0.FJL Franc 


4.69 

1.0 

4.6B 

11.9223 

4.69 

4.34 

1.7350 

2^I9GJ1 

72.72 

6.9790 

696 

71^3 0 


Vanuatu 


'Vatu 

— i Autt Dollar 
Vatican .——Italian Lira 
Venezuela — Boltvart 


Jong 


Vietnam 
virgin island UA UJ3. DoHar • 
Western Samoa —.Samoan tub 

Yemen (Nth) Ryai 

Yemen (Sth) S. Yemen Dinar 

Yugoslavia New Y Dinar 

Zaire Republic .Zaire 

Zambia ...Kwacha 
Zimbabwe. -Zimbabwe 8 


3.7285 
1.6190 
(A)ll*i05 
(B521.65 
1^910 

1J»10 

192^0 

192^0 
35^3 ' 
1.5615 
S.lll 
1.9910 
10.68 
3.65 
CAUOD 
66.04 
16.35 
39.75 
596 

1.7085 
4.171 
1D25 
2B4J12 
1.7350 

1.7085 

165.0 

1.7350 

e l.71 

.7 


.75 


6.3805 

1J688 

596 

168.60 

1.7086 

2,396.0 

7.44 

1(0)3.79 

’"caB 1 

2.1190 

83J2919 
10.06736 
1^1260 
' 1*3315 


'That part of th« French community in Africa formerly French West Africa or French Equatorial Africa, t Rupees per pound 1 , i General retea of eti snri tmn 
exports .72.681 . **Re« la the transfer market (cowoHed). tiNcw one offiorM raw. (U) Unffled rate. Appfkabfe on ell transactions except oouirein - 

bilateral affreomflnt with Egypt and who era rwt membara of IMF. (|) Bassd on gross rates against Busslao rouble, (1) Paratial «xdungo rota tor 
imports. CO. Ex part* noA-eesestisl Imports end transfer. (3) Essentfel goods. ssssattM 


» 



32 

Conpanies 
and Markets 


CURRENCIES and MONEY 


Financial Times Tuesday July 13 19S2 


FT UNIT TRUST INFORMATI ON SERVICE 


Dollar eases 


THE POUND SPOT AND FORWARD 


- The dollar lost ground in 
currency markets yesterday in 
response to a larger than ex- 
pected fall in U.S. money 
supply announced on Friday. 
Consequently Euro-doilar rates 
were sharply lower and this 
together with continued 
attempts by the Federal 
authorities to keep calm in the 
money market by injecting re- 
serves, led to growing feelings 
that this month’s expected 
bulge in money supply may have 
a smaller effect on the market 
than previously anticipated. 

Sterling was very steady over- 
all, benefiting at the expense of 
the_ dollar but easing slightly 
against some European 
currencies. 

DOLLAR- — Trade weighted 
Index (Bank of England) 120.2 
against 121.4 on Friday and 108.4 
six months ago. Three-mcmth 
Treasury hills 11.49 per cent 
(1-98 per cent six months ago). 
Annual Inflation 6.7 per cent 
( 6.6 per cent previous month) — 
The dollar improved from its 
lowest level but remained 
sharply weaker than Friday’s 
levels. Against the D-mark it fell 
to DM 2.4720 from DM 2.4870 
and SwFr 2.1025 from 
SwFr 2.1090. It was also down 
against the Japanese yen at 
Y2S3.9 from Y254.95. 

STERLING — Trade-weighted 
index 9L2 against 91.1 at noon 
and the opening and 91.2 on Fri- 
day (90.7 six months ago). 
Three-month interbank 12 T T R per 
cent (15 fk per cent six months 
ago). Annual inflation 9.5 per 
cent (9.4 peF cent previous 
month). — Sterling rose 90' 
points against the dollar to dose 
at SI. 7345- 1.7355. having touched 
S1.7400 during the day. Against 
the D-mark it slipped a little to 
DM 4J9 from DM 4.2925 hut 
rose to SwFr 3.65 from SwFr 3.64 
and FFr 11.9225 from FFr 114)1. 

D-MARK — EMS member 
(weakest). Trade-weighted index 
124.7 against 124.5 on Friday and 


122.0 six months ago. Three- 
month interbank 9.475 per cent 
(10475 per cent six months ago). 
Annual inflation 5.8 per cent <5.3 
per cent previous month). — 
There wa s no intervention by 
the Bundesbank at yesterday's 
fixing in Frankfurt when the dol- 
lar was fixed at DM 2.4611, 
sharply down from Friday's 
figure of DM 2.4942. Trading was 
fairly quiet yesterday with the 
dollar’s sharp fall o ecu ring 
mainly in the Far East as the 
market reacted to Friday’s 
mosey supply figures. Elsewhere 
sterling fell to DM 4_27<50 from 
DM 42950 while the Swiss franc 
improved to DM L1761 from 
DM 1.1740. Within the EMS the 
French franc was higher at 
DM 35.98 per FFr 100 from 
DM 35.975 and the Dutch guilder 
DM 90.665 per FI 100 compared 
with DM 90.620. 

SWISS FRANC — Trade 
weighted index 145.2 against 

145.1 on Friday and 151.1 six 
months ago. Thr*e-monlli inter- 
bank 4x 7 n per cent ( 8 J per cent 
six months ago). Annual Inflation 
<L2 per cent <5.9 per cent pre- 
vious month) — Early trading saw 
the dollar lose ground following 
its weaker trend in the Far East 
It opened at SwFr 2.0950 down 
down from SwFr 2.1200 on 
Friday and eased further to 
SwFr 2.0910. Elsewhere the 
D-mark was quoted at SwFr 85.00 
per DM 100 compared with 
SwFr 84-SO on Friday. 

JAPANESE YEN — Trade 
weighted index 133.4 against 

132.3 on Friday and 144.0 six 
months ago. Three-month bills 
7.28125 per cent (6.53125 per cent 
six months ago). Annual inflation 

2.3 per cent (2J3 per cent pre- 
vious month) — Trading was 
fairly qniet yesterday after a 
sharp initial fall by the dollar 
against the yen. The dollar 
opened at Y253.0 down from 
Friday’s dose of Y257.15, react- 
ing to better than expected U.S. 
money supply figures, and closed 
at Y252.9S. 


Arty 12 spread Close One month 

U.S. 1.7330-1.7400 1 .7345-1 .73S fl.22-0.32c die 
Canada 2.2D00-12060 2-2040-2.7050 0.70-0 .80c d<s 
NotWnd. 4.70-4.734 4-72-4.73 IVTfepm 

Belgium 81.1S-81.56 81 -30-81 .40 13-23$ dl* 

Danmark 14-79-14.84 14-82V1 **Ti 2-3ora die 

Ireland 1.2380-1.2450 1.2435-1.2445 0.63-0.76p dhs 
W. Gar. 4.26-4.30 1 VIVpf pm 

Portugal 145X0-147.00 145.70-146.20 70-2S0cda 


Spain 

Italy 

Norway 

Franca 

Sweden 

Japan 

Austria 

Switr- 


192-00-194.75 19240-192-40 1B0-185C db 
2491-2.398 1385-2497 14-17 lira dts 

10.98-1144 10-99-11.00 3V4ftomdts 


10.98-1144 

1146-1143 

10-57-10.03 

.reft -ft,? 

30-00-30.30 

3.62-3.66 


1049-11.00 3WWe da 
11.91V1142’* 13c dlt 
1048-10.59 1VZ Hon dis 


% Three ■- 

pj. months pju 

-147 045-IJSdii -241 
-4.08 243-Z43dis -4.14 
4.13 pm 128 
-186 50-80 dis -170 
-102 10^-12 J *dis -3.14 
-8.70 1.99 -2. 13d** -6.72 
440 pre 348 
-13.18 435-540di# -14.18 
-10.76 435- 540 di* “JO .76 
-7.76 47-51 dis -8.18 ; 
-4.16 9 r i-11 -3.90 

-242 8-10 dis “102 
-1.91 4V5**dis -1.94 
6.86 5.45-5*35 pm 440 
444 Z8V21 pm 342 
9.04 7V6 7 i pm 741 


438-442 440-441 2-20-2.10* pm 6.86 5.45-5*35 pn 

a 35.00-3040 30.07-30.12 12V9>^ro pm 444 2 &>j- 21’« pm 

3.G2-3.66 3.S4V3.®* 3-Z4c pm 9.0« 7V6 ? i pm 

Belgian ran is for eanvenitjle franca, financial franc 88.3S-68 45. 
Six-month forward dollar 2.07-2. 17c dis. 12-month 3.80-+00c dis. 

THE DOLLAR SPOT AND FORWARD 


July 12 spread Clean On* month 

UKt 1.7330-1-7400 1.734S-1.73SS 042.042c dis 

Irelandt 14373-14890 14373-14990 O.Sa-OAflcpm 
Canada 14S63-14G96 14875-1468S 043049c dis 
Nathlnd. 17133-2.7230 17200-17230 147-747cpm 
Belgium •4842-4649 4647-4648 2-4ctfl» 

Denmark 8^4880-8.5520 84470-84520 04S-040ora pm 
W. Ger. 2.4570-14725 24775-14725 143-1.18pf pm 
Portugal 84.00-84.50 . 84.00-8440 30-130c dis 

Spain 11042-11047 11042-11047 70-88cdw 
Italy 1477V14834 1481 VI 4834 SV74 lire dl» 


Norway 6.3300-64460 6.3300-64320 1.30-1.70ore dis -184 

Franca 64360-64750 6.6700-64750’ 0.20-0. 60c dis —0.70 

Sweden 8.0930-6.1080 64970-6.1020 0.10-045ora die -0-34 

Japan 25190-25440 253.85-25345 1.66-148y pm 7.66 

Austria 17.314-17.40 17.33V 17.40 9Vff.gr© pm 6.14 

Switz. 2.0900-2.1030 11020-11030 141-143cpm 10.67 

t UK and Ireland ara quoted In U.S. currency. Forward 
. discounts apply to tha U.S. dollar and not to the mdivi 


CURRENCY MOVEMENTS CURRENCY RATES 


Bank of Morgan 

England Guaranty 
Index Changed 

Starting .1 «££ -324 

U.S. dollar. I 120.2 , +11.9 

Canadian dollar . .. 86.7 . — 20.3 

Austrian schilling- * 1174 +26.9 

Belgian franc. 954 : —1.2 

Danish kroner. 824 ■ —144 

Deutsche mark..... > 124-7 ! +494 

Swiss franc. 145.2 ; +96.7 

Guilder • 116.0 i +234 • 

French franc _• 734 ; —20.3 

Urn 63.7 ; -584 

Yen 13 5. 4 I +264 

Based on trade weighted changes from 
Washington ag reem ent December, 1371. 
Bank of BBlMd index (base e verege 
1973® TOOJ. 

OTHER CURRENCIES 


Sterling.... — 

U4.S.. 12 . 

Canadian 9.. 16.50 
Austria Sell. 6J« 
Belgian F— ...; 14 
Danish Kr....i H | 

D mark~ i 7*1' 

Guilder.. 8 

French Fr.... 9ft 

Ura. 19 

Yen i 5*9 

Norwgn. Kr.l 9 , 
Spanish Pta. 8 
Swedish Kr. 10 


0.629183 

-1.09264 

18.9300 

51.2250 

•9.29727 

2.68910 

2.96706 

7.47475 

1506.48 

276475 

6.93499 

121.083 

6.67548 

248744 

75.8511 


Greek Dr'cft. 30*2 75.8511 68.6030 
• CS/SDR rate for July 9 not available. 


EMS EUROPEAN CURRENCY UNIT RATES 



ECU 

central 

rates 

Currency 
amounts 
against ECU 
July 12 

% change 
from 
central 
rate 

*/. change 
adjusted tar 
divergence 

Divergence 
limit % 

Belgian Franc ... 

44.9704 

44-9613 

-0.04 

-0.19 

-4-1 .5501 

Danish Krone ... 

8.23400 

8.16707 

-0.81 

-0.96 

±1.6430 

German D-Mark 

2.33379 

2.36257 

+1.23 

+1.08 

-*-1.0883 , 

French Franc ... 

6.61387 

6.56579 

-0.73 

—0.88 

-t-13940 ' 

Dutch Guilder ... 

2.57971 

2.60531 

+0.99 

+0AJ 

-1.5004 

Inch Punt 

0.691011 

0.636281 

-0.68 

-0^3 

-*-1.6891 

Italian Lira 

ISO. 27 

1322^0 

-2.03 

—2.03 

±4.1363 


Argentina Poao.Jt34.303-54.g43l 20.100 'Aurinju. 

Austral iaDollar.. >1.7076.1.7095 04834-0.9840 Belgium 

Brazil Cruzeiro... 305-306 , 175.40-17648 Denmark 

Finland Markka..B.l962-8.2062 I 4.7235-4.7255 France 

Greek Drachma.., 120. 16- 120.58 ! 6945-69.35 , Germany- 

Hong Kong Dollar.10.170-10.183 ! 5.857044620 Italy 

I ran Rial i *145.50 -84.50 .Japan 

KuwaltDlnar(KD) 1 0.43M-B.498S i 0.2975-0.2277 {Netherlands..... 

Luxembourg Fr.. 81.3041.40 ) 46.87-46.89 Norway 

Malaysia Dollar...: 4.0835-4.0985; 2.3545-2.3665 . Portugal 

New Zealand Dlr4.3375-2.S4 15 1 1.3455-1.3473 Spain 

Saudi Arab. Rlyal 5.0770-54826 3.4390-3.4410 : Sweden 

Singapore Dollar 3.7235-5.7335 2.1446 2.1465 Switzerland 

Sth .African Rand 149 11-1.9946 1.1455-1.1468 ; United States.. 
UJLE. Dirham... J 64790-6.8855 3.6720 5.6740 .Yugoslavia...... 

* Selling rats. 


1 Note Rates 

T 2945-3045 
.. 88.10-89.10 
14.69 14.83 
• 11.811141 
.. 4454.29 

.. 2360-2400 
440446 
.. 4.68i»4.72It 
,. 10.8911.08 
„ 143 U 159 
.. 184.30-193.25 
... 10.55-10.65 
..3.61*2-3.6512 
.. 1.72ftl-74ft 
81-96 


Changes ara for ECU. therefore po stove change denotes a 
weak currency. Adiustmcnt calculated by Financial Times. 


EXCHANGE CROSS RATES 


t Rato shown for Argentina is commercial. Financial rats: 63.180-65.223 aj, ns: 
sterling 37400-37.550 against doMar. 


Pound Sterling 
U.S. Dollar 

Deutschemark 
Japanese Yen 1.000 

French Frano 10 
Swiss Franc 

Dtuch Guilder 
Italian Ura 1,000 

Canadian Dollar 
Belgian Franc 100 



2.141 i 1087. 
5.808 ! 2945. 


1449 I 6843 
0.604 I 22.29 


1. 1 3640 

2.710 I 100. 


FT LONDON INTERBANK FIXING (11.00 a.m. JULY 12] 


3 months U.S. dollars 


6 months U.S. dollars 


bid 147(16 , offer 149MB I bid 146|B offer 14 5/4 


The fixing rates are the arithmetic mesne, rounded to the nearest one- 
sixteenth, of the bid and offered rates for 510m quoted by the market to five 
reference banks at 11 am each working day. The banks are National Westminster 
Bank, Bank of Tokyo. Deutsche Bank. Banque Nationals da Paris and Morgan 
Guaranty Trust. 


EURO-CURRENCY INTEREST RATES (Market closing Rates) 


July 18 

Starling 

u^. 

Dollar 

Canadian ' 
Dollar 

Dutch 

Guilder 

Swiss 

Franc 

D-mark 

! French 
i Franc 

Short term 

7 day's notice... 

Month 

Throo months. 

Six months 

One Year 

1258-13-8 
1212-125, 
1218 181s 
125e-12 ft 
125 B -12; B 
1258-12 ft 

13-131, 

13 ft- 13 ft 
137e.l4ft 
144-14* 

14 ft. 14ft 
I4ft-145, 

16-17 1 

16-17 \ 

16ft-165g • 
16ft-16ft j 
16ft- left 
I6ft-16ft 

85,-87 8 

858-378 

fhr®" 

8rtJ 8r, 
91 B -9ft 
Sft-95* 

15 4 -3ft 
15,-2 ft 
37 B 4 
4?M 
Sft-Sft 
5J*-5ft 

8- Bla 
<Mr8* 

SitSg 

9- 9 ft 
9ft 9ft 

Wft.143, 
14 ft- 14ft 
, 14ft-15 
lSft-1558 
; i6ft-i6ft 
! 171,-175,. 


Belgian Franc 
Conv." Bn. 


IS- 19*e 

1870-2018 


15&S-18 I 
14 >8-15 U i 


ao‘ 8 -£UA 8 **►**-*•»•« | 

1968-20 U 1438-151 B 
2068-2118 : 143,-15 1, 
2118-2130 I 1518-155* 
Zllt-2238 : 15ft-155* I 


14V164 • 668-678 

14*8-15 lg I 63|-6?0 
14 t8-15tw *£.7* 

lBA-lS,*! 7U-738 
15A-15 r !i •. 74-73* 
1478-15*8 i 74-74 


: 84-85* 

1 145J-15 
; 1430-144 
154-1560 
! 16-1638 

l 17J»-177a 


Key rate stays firm 


UK clearing hank base lending 
rale 121 per cent (since June S) 

Short-term interest rates con- 
tinued to ease In the London 
money market yesterday, and 
once again the Bank of England 
cut its dealing rates for btoing 
bills. A fall of i per cent in the 
level at which the authorities 
bought bills to provide assistance 
failed to have any influence on 
clearing bank base rates how- 
ever. During the last week the 
money market has become 
increasingly convinced that a 
cut in base rates is imminent, 
but the key seven-day rate has 
hardly moved in the last month 
from a level nf 12 J- 12 J per cent 
Large day-to-day shortages have 
kept overnight and seven-day 
rates very firm, discouraging the 
expected cut in base rates. 

A shortage of £450m was fore- 
cast yesterday morning, revised 
to £500m in the afternoon. The 
major factors were: bills matur- 
ing and a take-up of Treasury 
bills — f274ra, plus bills for 
repurchase by the market 
— £240m, partly offset by a fall 
in the note circulation +£I60m. 
Before lunch the Bank of 
England bought £25m bank bills 

MONEY RATES 


by way of £16m in band 1 (up 
to 14 days maturity) at 12i-12d 
per cent: £ 6 m in band 2 (15-33 
days) at 124 - 12 u per cent: and 
£3m in band 3 (34-63 days) at 
12 per cent 

In the afternoon the authori- 
ties bought £57m bank bills in 
band 1 at 12 J per cent; £ 10 m 
Treasury bills and £140m bank 
bills in band 2 at 124 per cent; ; 
£2Sm hank bills in band 3 at 12 
per cent: and £40m local 
authority hills and £15m bank 
bills In hand 4 (64-91 days) at 
115 per cent. A further £200m 
bills were purchased by the 
Bank nf England at 12 1 -12* per i 
cent, for resale on July 22. ■’ 
making total assistance of £5 15m. 

la Frankfurt call money was I 
offered at 9 per cent, compared 1 
with 9.05 per cent on Friday and 3 
9.15 per cent earlier last week. > 
Conditions were helped by the > 
injection of DM 6.4bn of ) 
liquidity into the money market 1 
by the Bundesbank on Friday j 
through a 2S~day securities > 
repurchase agreement at 8.9 per 3 
cent. This tended to reduce 1 
demand for Lombard borrowing * 
at 9 per cent On Friday commer- i 
cial banks’ Lombard debt fell ] 

LONDON MONEY RATES 


to DM 2 . 8 bn from DM 6.2tm on 
Thursday, and DM 12-8bn on 
Monday. Conditions should 
remain, fairly comfortable this 
week despite tax payments and 
the unwinding of one-week 
currency swaps today and 
tomorrow;- 

In Brussels the Belgian 
National Bank, cut the interest 
rate on three-month Treasury 
certificates by i per cent to 15i 
per cent. Treasury certificate 
rates were also reduced on Fri- 
day. encouraged by the better 
performance of the Belgian franc 
in the European Monetary 
System.* 

In Amsterdam call money fell 
to S3 per cent from 9j per cent, 
following the - news tbat the 
Dutch National Bank had 
allocated FI 3.121bn in special 
advances at 85 per cent lo assist 
money market liquidity. At yes- 
terday's tender the central bank 
met applications of yp to FI 500m 
in full, and amounts - above 
received 50 per cent Fixed 
period rates were also sligbfSy 
easier, yesterday, with three- 
month money declining to 8J-94 
per cent from 9-9J per cent 


NEW YORK 

Prims rats 

Fad funds (lunch-tuns) ..... 
Treasury bills (13-weak)! ..... 
Treasury bills (26-wtrekX 

GERMANY 

Lombard .... 

Overnight rate — 

One month — - - — — 

Three months 

Six months — 

FRANCE 

Intervention rate 

Overnight rats — — — 

One month 

Three months 

Six months — 

JAPAN 

Discount rate — 

Cali (unconditional) 1 
Bill discount (ihroo-monrh );- 


W* 

727,-134 

11.43 

11.79 


' Sterling 
July 12 Certilioate 
1982 of deposit 

■ Local 

Interbank. Authority 
deposits 

Local Auth- 
negotiabie 
bonds 

Finance 

House 

Deposits 

Overnight. - 

3 daya notice — 

7dayBor 1 - 

7 days notice...! — 

ono month.. 12 - ft 12 ^ 

TWo month e,...: 12 rv 12 ft 
Three months. 1 lBft-12ft 
Six months... J 12 ft- 12 ft 
Nine months... 1 IS ft -12 ft 
One year ...[ 12ft 12 ft 

Two years, - — 

13-14 

12 ft-l 2 r s 

12 ft -12 ft 
laft-iBft 
12 ft 12 ft 
1258-12 ft 

laft-isft 

iBra-xa* 

lSIg 

12ft 

13T»-12ft 

12 ft 

12ft 

12ft 

12ft 

13 ft 

127^121* 
12 ft- 12 ft 
12ft.l2ft 
1219-llft 
12 ft- 12 ti 

1 

12ft 

12 ft 

12la * 
12 ft . 
12ft 

12ft • 


Dlicounf 


123, ,12ia-l2sai : — 


| Eligible ' 


€5 

7-21875 

7-28125 


121b 124-1241 *- - 

126 s . 12 |12*-12i B 18*-l2l3 

— llJl lift tllQ.ll.ft 

- 114 lift 112-llIa 

“ . - 1158*1 


Local Birthonhsa and fnMtieo* houew seven- days notice, others -seven days fixed. Long^eiro focal aathorttv mortgaga 
rates, nominally three years 134 co*HL four year* 134 per cent: five years 134 per cent: •Bank bill rates in able 

ere buying rates tor prime pepor. Biqang ratsa for four-month bank bills- VI 3^-11*** per cent; four months trad a bMft 12% 

per cent. 

Approx! mare setlintr ran for one month Treasury bfl<* 12 per cbm; two months 1V“i« .tier eei»t: three .months 

IIVII 11 * per cent. Appronmen aeWng rate ior on* month bank biU* 12 per cent; two month, 117, p*r coax and i 

three month* il^-ll*, per twit: one month trade .bdla. 12 S per . cent: .two inoJitfi* 12 J, per ceru: three months 12*, p or 
cent. . • . ■ • 

Bnence Housex Bass Rates fauWhhad by tire Finane* House* Association) 1% par cent from July 1 1982. Undrm : 
and Scottish Clearing Bank Rates for lending J24 per cent. London Clewing Bank Deposit Reres for sums aL seven , 
days’ notice 94 per cent Treasury BMls: Average tender rates of discount 11.7432 per coot Certificates of Deposit I 
(Series 6) 13 per cant hem July 9. Deposits withdrawn for caxh 104 P*r cent. 


AMey O m Tst Muon, fa) 
3-3StlVkCfaashianlEC4P40X m-2361233 


AUTHORISED trusts 




JteiTitK. ST 4* 

UoR TK- Mosrs. 

4AC»nHIUwrtinEOV3PB. 0)4236314. 

AHRflaTras ]7t5 -HU| UA 

MM flutn Ltd. (a) <S> 

ass^cj^sasssT^' 






Three % 

months pa. 

0J6-1.05cfis -231 
1.55-1.40 pm 4-22 
0-&9-0.64di* -1J94 
3.85-3.75 pm 5 .SO 
2-5 dts — 0 JO 

(J.50-1. OOP is —0.35 
3.464L41 pm 5.56 
70-370 dis -10.43 
22S-2S5 dis -8.66 
20-22 die -6.09 
225-2-854 is -1.55 
0.90-1. 50d«s -0.70 
0.2041.05 pm 0.08 
4.50-4.40 pm 7.01 
26V231, pm 5.71 
525-5.18 pro 923 
premiums and 
ideal currency. 



Bank' Special 'European 
. rota Drawing Currency 
: % Rights Unite 


SDR linked deposits: one month 11 u j»- 12 u * per cent; three months l^-IZ* 1 !* per cant: six months 12 »j,-1^m, per cent; ona year 12 a it-V3>i4 per cant. 

ECU linked deposits; one month HV127, per cent three months 12VI2 7 , per cent six months T2*b-13^s par cent; one year 1ZV13‘, par canL 
Asian S (closing rates in Singapore): ono month 14^-14?!* per cent three months IS^-iahj, per cent; six months 14V-14J, per cent; one year 14'»-14 :l u par 
cent. Lono-torm Eurodollar two years T4*i*-I4*i» per cent; three years 14V14** per cent; four years 14V14\t per cant five years Id'n-UA,, per cent; nonvnal 
closing rates. Short-term rates are call ior U.S. doHers. Canadian doUats and Japanese yen: others two days’ nonce. 

The following rates were quoted lor London doMar certificates of deport: one month 13.70-13.80 pm cam; three months 13.9S-14.05 per cent; six months 14.00- 
14.10 per cent; one year 14.00.14.10 per cent. 

MONEY MARKETS EUROCURRENCIES 

Key rate stays firm Dollar rates 

decline 

sarsf jsws aw ffffuiiisu&Wwas s jssttsj'sijs- 

Short-term interest rates con- per cent: £ 6 m in band 2 (15-33 Monday. Conditions should showed i an i easier ttena yestw- 

tmuod to ease in the London days) at 12 J - 12 /a percent: and remain, fairly comfortable this 

money market yesterday, and £3m in band 3 (34-63 days) at week despite tax payments and interest .nvss m were siignuy 

once again the Bank of England 12 per cent the unwinding of one-week “ rmer * l 

cut its dealing rates for buying In the afternoon the authori- currency swaps today and forward diKOUnt against tne 

bills. A fall of i per cent in the ties bought £57m bank bills in tomorrow:- dollar quite sharply as the franc 

level at which the authorities band 1 at 121 per cent; £ 10 m In Rrn „_, c th _ u-i-{ an unproved against the u.S. cur- 
bought bills to provide assistance Treasury bills and £140m bank N 5. cut f ency m 5 5 0 \, 4 f??? e l Sopes of a 

failed to have any influence on bills in band 2 at 12J per cent; £arion^ gant cut the lowertre^in U.S. interest rates. 

clearing bank base rates how- £2Sm hank bills in band 3 at 12 SrtifiStJb?^ Ltlfisl aJter , sl ? ns that r l f;?* M1 : ino I “ e >' 

ever. During the last week the per cent: and £40m local SreSt js now teUhlg uito hue 

money market has become authority bills and £15m bank gJl/SL .toSuMdSrSS 12 th ¥ 1 S e ^ 5 c ®S^ Bd 

increasingly convinced that a bills in hand 4 (64-91 days) at MrounSed tothe beSS- ??' ^ f ^l “ ® u * od °y» 

cut in base rates is imminent. 113 per cent. A further £20Qm oerfomSS^f toe BeSian ^ le ^ S SJ3 te f ^ Tbe ^ eU 

but the key seven-day rate lias bills were purchased by the {£^Botoi£ m M?nS ^*^ ra ^ w ® ek ' reducing 
hardly moved in the last month Bank of England at 121-12* per J." auropflan monetary Eurodollar interest rates, and 

from a level nf 121-123 per cent cent for resale on July 22. • * leading to a rise by .the dollar 

Large day-today shortages have making total assistance of £5 15m. In Amsterdam call money fell against major currencies in the 
kept overnight and seven-day fa Frankfurt call money was to 83 per cent from 93 per cent, f&ward market, as the U.S. unit 

rates very firm, discouraging the offered at 9 per cent compared following the • news that the -weakened for spot delivery, 

expected cut in base rates. with 9.05 per cent on Friday and Dutch National Bank had Eurosterling. » rates were 

A shortage of £450m was fore- 9.15 per cent earlier last week, allocated FI 3.121bn la special slightly easier, and Euro Swiss 
cast yesterday morning, revised Conditions were helped by the advances at 83 per cent lo assist * franc rates also showed an- easier 

to £500m in the afternoon. The injection of DM 6.4bn of money market liquidity. At yes- trend, but most _ other rates 

major factors were: bills matur- liquidity into the money market terday’s tender the central bank recorded small . mixed changes, 
-ing and a take-up of Treasury by the Bundesbank: on Friday ®e£ applications of gp to FI 500m Sentiment pointed towards . a 

bills — £274m, plus bills for through a 28-day securities fu U. and amounts- above further reduction in interest 

repurchase by the market repurchase agreement at 8.9 per received 50 per cent Fixed rates as pressure eases on U.S. 

— £240m, partly offset by a fall cent. This tended to reduce period rates were also sligbGy rates, providing there is no 

in the note circulation +£i60m. demand for Lombard borrowing easier, yesterday, with three- alarming bulge in * the money 

Before lunch the Bank of at 9 per cent On Friday commer- month money declining to 8J-9i supply figures during the next 

England bought £25m bank bills cial banks’ Lombard debt fell per cent from 9-9? per cent week or so. . 



Buttaston On* Tntst Mb*- tbt 
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LmI A tanl (IhdtTsU 

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tS 2 S£?=r:BSl SH.d.W 

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0.552980 

0.959421 

1.81798 

16.6172 

44.9513 

8.16707 

2.36257 

2.60531 

6.56579 

1322.80 

243.213 

6.08369 

106.400 

6,85678 

2,00903 

66.6030 


Itangm Ltd. 

01-6381200 

cJB£ u *" 

01-236 8181 

H, VtaiaeSULMNn. El 7HPTd5«78827 




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N.B. Companies registered in Scotland take 2-3 days. 


W FINANCIAL TIMES 

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36 




Cost effective business 

< x * nn*uuc atians and message handing 


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and ask for Freefone 9125 


Tuesday July 13 1982 


Thefirst name in unif 
name on the product 


PLO ‘in formula to recognise Israel’ 


THE LEX COLUMN 


BY JAMES DORSEY IN KUWAIT, JAMES BUCHAN IN BEIRUT AND DAYID LENNON IN TEL AYIY 


THE PALESTINE Liberation 
Organisation has told the U.S. 
it is willing to recognise the 
State of Israel, a senior PLO 
official claimed in Kuwait 
yesterday. Tile official, who is 
close to Mr Yasser Arafat the 
PLO chairman, and has been 
closely involved in negotiations 
to end the siege of eWst Beirut 
said the PLO formula could also 
serve as a basis for a wider 
Middle East peace settlement. 

The reported PLO offer came 
as Israel showed mounting 
impatience over the delay in 
concluding an agreement lead- 
ing to the withdrawal of 6,000 
Palestinian guerrillas trapped 
in the western half of the 
Lebanese capital. 

The PLO official, who is a 
known moderate, said the Organ- 
isation was pinning its hopes 
on a planned Fra neo-Egyptian 


motion being accepted by .the. 
UN Security Council. 


Its basis would be Resolution 
242. adopted in 1967,- but 
amended to call for Palestinian 
self-determination. This, be 
said, would be accompanied , by 
mutual PLO-Israeli recognition. 
Resolution 242 calls for an 
Israeli withdrawal from occu- 
pied territory but only refers 
to the Palestinians as refugees. 

However, if the resolution 
was not adopted, the PLO would 
still be ready to recognise 
Israel in return for the right 
to open an office in Washington 
and talk directly to the U.S. 
Administration . 

The U.S. will have an early 
opportunity to test the credi- 
bility of the PLO offer when a 
top level Arab delegation visits 
Washington this week. 


It will be headed by Prince 
Saud aLFeiSal, the Saadi 
Foreign Minister, and Mr Abdel 
Halim Kbaddam, the Syrian 
Foreign Minister. The delega- 
tion will be accompanied, as an 
adviser, by Mr Khaled al- 
Hassan, a founder member with 
Mr Arafat of al-Fatah, the domi- 
nant force in the FLO. 


Israel yesterday sent three 
senior officials to Beirut for 
talks with Mr Philip Habib, the 
U.S. special envoy in ttys Middle 
East They want to know at first 
hand whether Mr Habib is mak- 
ing any progress with negotia- 
tions to remove the PLO from 
Lebanon. 


In Israel, the feeling was that, 
if Mr Habib failed to convince 
the delegation, the Israeli 
Cabinet would give the green 
light to General Ariel Sharon. 


the Defence Minister, to impose 
a mili tary solution. 

Israel’s anxiety that the siege 
of Beirut was becoming a costly 

war of attrition increased after 

Sunday’s fierce artillery battles 
during which three of its troops 
were killed and another 29 
wounded. 

The ceasefire announced late 
on Sunday was still generally 
holding yesterday evening, 
although some forward; Israeli 
units drew back slightly to less 
exposed positions. An Israeli 
official said Syrian troops 
opened fire briefly during the 
day with light weapons. 

Syria's announcement at the 
weekend that it would not 
accept the PLO forces if they 
withdrew from Lebanon is seen 
in Beirut as an attempt to 
inject its own demands into the 
negotiations. 


Syria is said to believe that 
a continued Israeli presence in 
Lebanon would be a direct 
threat to its own security; that 
it could not liver in harmony 
with a Lebanon controlled by an 
Israeli -Imposed government; 
and that for its own defence it . 
would have to maintain a 
military presence for some 
while in Lebanon. . 

Mr Saeb Salazn. a former 
Lebanese Prime Minister who 
has been a go-between in nego- 
tiations, said yesterday that the 
talks had been stalled by the 
failure to find a country which 
would accept the PLO. 

“The process of actual dis- 
engagement and where tbe PLO 
goes are the two vital factors 
holding up progress,” he said. 
“It is up to the U.S. to find 
a place for .them." 


ICI to sell Spanish phenol stake 


BY SUE CAMERON 


IMPERIAL CHEMICAL In- 
dustries is poised for yet 
another big rationalisation deal, 
its fourth in as many weeks. 

The company is preparing to 
pull out of petrochemical pro- 
duction in Spain, as part of a 
product portfolio swop along 
the lines of its deal with BP 
Chemicals in Britain. It will 
continue to market petro- 
chemicals in Spain. 

The latest agreement, ex- 
pected to be completed in a few 
days, raises the question of 
wbat further moves ICI may 
plan as it struggles to restore 
its ailing petrochemicals and 
plastics operations, with losses 
last year of £54m, to profit- 
ability. 

Industry experts believe Mr 
John Harvey-Jones, chairman of 
the group since April, who once 


headed ICI’s UK petro- 
chemicals and plastics division, 
is at the centre of the flurry of 
restructuring deals. Mr Harvey- 
Jones has sworn to “ hack " 
ICTs base chemical businesses. 


ICI’s latest plan is to sell Itis 
50 per cent stake in the money- 
losing Ertisa to Union Explo- 
sives Rio Tin to, which already 
owns the other 50 per cent 
Ertisa is Spain’s only producer 
of phenol, a chemical used in 
making solvents, nylon, paints 
and pharmaceuticals. 

Union Explosives supplies 
Ertisa with all raw materials at 
its Huelva site in southern 
Spain. 

Only five days ago 'Union 
Explosives and ICI reached 
agreement on a parallel £11.5m 
deal in Spain. The agreement 
covers sale of Union Explosive’s 


interests in a pigment company 
to Tioxide, which is 50 per cent 
owned by ICL 

Tioxide. whose other parent 
is Lead Industries, wiU now take 
fuH ownership of Titanio. 
Spain's only producer of 
titanium dioxide, a white 
pigment used chiefly in paints. 

Till now Titanio has been 45 
per cent owned by Tioxide and 
55 per cent by Union Explosives. 

Tioxide is paying Pta 2Jtt>n 
(£11. 5m) for Union Explosives* 
55 per cent share> in Titanio, 
which last year lost Pta 334.4m 
(£1.7m). The value of the 
assets being sold is put at 
Pta 2.539bn (£13.1m). 

Titanio. like Ertisa. is at 
Huelva. 

About three weeks ago TCI 
announced a massive swap deal 
with BP Chemicals involving 
closure of seven plastics and 


petrochemicals plants in the UK 
and axeing of 1,800 jobs. 


The deal is that ICI exchange 
Its low-density polyethylene 
plastics business in Britain for 
BP's PVC plastics operations, 
after both companies have shut 
various plants. 

Two weeks later ICI said it 
proposed id buy the money- 
losing dyes and pigments 
business of the French Produits 
Chimiques Ugine Kuhlman. 

Five days after that, ICI said 
it would sell its 50 per cent 
stake In the Japanese Kao-Atlas 
to Kao Soap, the other partner 
in the joint venture, for Y3.4bn 
(£7. 7m). 

Tbe chief .interests of Kao- 
Atlas are in petrochemicals. It 
makes surfactants, used in 
■making detergents, and poly- 
ester resins for making plastics. 


Government 
may tighten 
small firms 
loan scheme 


By John Elliott, Industrial Editor 


Barclays claims Saturday opening victory 


BY ALAN FRIEDMAN 


BARCLAYS BANK is claiming 
a victory in Its drive to attract 
volunteers to work in selected 
branches on Saturday mornings. 

So fa*, it said yesterday, it 
has sufficient people to open 
330 • branches on Saturday 
mornings by September 11 
rather than the full 400 it bad 
been aiming for. The first 33 
Saturday openings are scheduled 
for August 14. 

Barclays announced its Satur- 
day opening plans on May 13, 
becoming the first of the Big 
Four clearers to reverse a 
decision taken 13 years ago. The 
other banks have not yet fol- 
lowed the Barclays move but 
they are expected to do so if 
Barclays are successfuL The 
banking unions strongly appose 
Saturday opening. 

Mr John Quinton, senior 
general manager, yesterday 
described the staff response as 


“ very gratifying.” Of more than 
50.000 branch staff. 10,183 had 
volunteered for Saturday work. 

There were still areas where 
Barclays needed more volun- 
teers but he believed the target 
would be reached during the 
next two months. 

Barclays announced a fort- 
night ago it would be appealing 
directly to its staff after it had 
failed to reach any agreement 
with the biggest union, tbe 
Barclays Group Staff Union. 

The bank clearly hopes its 
announcement wiH dissuade its 
two unions, representing 50.000 
of the bank's 70,000 UK staff, 
from holding ballots on 
industrial action to thwart the 
Saturday opening plan. 

The ballots issue will be 
derided today by the 70-member 
general committee of the 
BGSU. and over the next two 
days by the executive of the 
Banking, Insurance and Finaace 


Union. 

Mr Eddie Gale. BGSU general 
secretary, said some members 
might be persuaded by the 
argument that industrial action 
was futile because of the 
number of volunteers but added: 

I wouldn’t put my money on 
it.” 

The issue would be decided 
on principle, he said. “I think 
the majority will say we are 
willing to . discuss extended 
hours hours but there must be 
time off in lieu. “The bank is 
currently offering Saturday pay- 
ments of £24-£40. 


The leadership of both unions 
have been asking members not 
to volunteer. They have not dis- 
closed their options for indus- 
trial action but blacking on 
Mondays of Saturday-related 
work is an option. 

Barclays said yesterday it 
was totally confident of its 
Saturday plan, regardless of 


the union deliberations. “With 
10,000 staff indicating their 
willingness to work, we would 
hope the unions would not 
stand in their way." 

The decision to open on 
Saturdays had been made by 
the management. “We said at 
the start we are opening on 
Saturdays. We told the staff 
what we are prepared to pay 
and 10,000 staff have said 
* Thank you, we would like the 
money 

The unions have always ex- 
pected the bank to' make a 
strong effort to achieve the 
initial staff levels required. But 
they still believe it will have 
problems — particularly in 
sustaining the number of 
volunteers over a long period. 

This could result in com- 
pulsion, they say, or at least 
heavy persuasion of staff by 
managers who hold sway over 
their promotion prospects. 


MINISTERS are to decide by 
the end of this month whether 
to tighten the rules of the De- 
partment of Industry* s small 
firms loan guarantee scheme, 
which has provided about 5,000 
loans worth £170m. 

About 20 per cent of the loans 
are thought by the Government 
to be outside the strict rules of 
the scheme, although the pro- 
portion causing serious concern 
is much smaller. 

Mr John MacGregor, Parlia- 
mentary Under-Secretary with 
responsibility for small firms, 
is considering whether to try 
to stop banks using the scheme 
for “ distress lending " for busi- 
nesses in trouble. A failure 
rate of about one in 10 to one 
in 15 is beginning to emerge 
fo r the businesses supported. 

Mr MacGregor is also under 
pressure from small business 
lobby groups to raise the maxi- 
mum size of loans from £75,000 
to £250.000. 

There is concern that some j 
businessmen do not have suffi- 
cient personal commitment to 
the projects backed by the loan 
guarantees, which "do not cany 
anv personal security. 

The scheme was introduced a 
year ago on a pilot basis to 
encourage banks to provide, 
loans for small businessmen 
who might find it difficult to 
raise funds for risky projects 
or who were not prepared to 
put up personal security against 
a loan. 

A preliminary report prepared 
for Mr MacGregor on 100 loans 
was published yesterday and is 
bring discussed by the Depart- 
ment of Industry and the banks . 
involved. 

The Government may deride 
to make only one or two minor 
adjustments at this stage, 
Details. Page 6: Barclays 
relaunches loan scheme. Page 6 


The Rank Organisation’s 
efforts, to dean up its non-Xerox 
businesses got under way just 
in time. The squeeze on its main 
asset. Rank Xerox, while late in 
emerging, has now. arrived with 
a vengeance. In the first half 
tbe Rank Organisation’s pre-tax 
profits have fallen 16 per cent 
to £36.6m; within that trading 
profits of the businesses it 
manages have actually moved 
up from a depressed £7.1m to 
£11. 4m. hut the Rank Xerox 
contribution has .tumbled £S.5m 
to £38.4m. The underlying 
trading decline has been held 
to 12 per cent, since there has 
been an adverse currency move- 
ment of £3m. Nevertheless, in 
the absence of the beneficial 
effects last year of the change 
in stock relief, the after tax 
decline is nearer 20 per ceDt — 
so the Rank Organisation is 
faced with a squeeze on its cash 
flow. 

At Rank Xerox the growth 
in copy volumes on rental 
machines has slowed. While 
both rental placement 
and outright sales have been 
pushed ahead again, this has. 
been at the expense of margins, 
as the company has brought 
down prices to match the com- 
petition. . These pressures are 
unlikely to ease, in the short 
term, while expenditure on the 
electronic printing side is still 
being stepped up— -and the 
returns here remain some years 
out. 

The Rank Organisation’s own 
businesses are not a particu- 
larly pretty sight. Australia 
has been disappointing, while 
the holiday division has been 
hard hit by the squeeze on dis- 
posable spending. Bookings and 
individual spending at Bull Ins 
are both down, and OSL and 
Wings are 1 not justifying the 
copious goodwill incorporated 
in their acquisition price. The 
shares fell 14p yesterday to 
134p, which compares with- a 
high of 2O0p earlier in tbe year.’ 
On an unchanged dividend the 
yield would be 12 per cent. 


Index rose 4.8 to 557.5 


rflKRSJAM 

INTHHATfflNJ 


Shut Frier 


t ran sale 
L W| - 


Fob Mir Aft Miy Jn -W 

1982 


medical products. Here the 
company’s particular "in vitro" 
technology seems to have been 
in vogue— as all shareholders 
had no doubt remarked before 
taking up their stakes— while 
some customers may have 
switched from the main rival, 
the New England Nuclear 
Corporation, as a consequence 
of its takeover by Du Pont. ; 

This year interest payable 
should come down £Jm or so. 
while a further £lm of trading 
profits are built in at . present 
exchange rates. Meanwhile, 
overall volume should again, 
improve by more than 10 per 
cent. In spite of increased 
competition, fuller use of the 
new Cardiff plant should allow 
margins to be at least main- 
tained. So the outcome should 
exceed £llm — although currency 
will be a critical factor. In 
spite of two or three bear raids, 
the shares hold firm at 22Sp. 
down 2p yesterday, producing a 
p/e well into the twenties. This 
rating reflects extreme con- 
fidence in the management's 
ability to ride the fast-moving 
technological pace of its key 
markets. The yield is 2.2 per 
cent. 


but its financial effects on Dan- 
lop are nevertheless very salu- 
tary. Net borrowings on s pro- 
forma basis will be brought 
down to some- £260m (ignoring 
the cash in Zimbabwe) while 
ordinary - shareholders’ funds 
rise £40nt— the premium over 
book value — to £29 3m. Minori- 
ties come down quite sharply, 
so that total shareholders* funds 
move up only from £34 lm to 
£§63m. but attributable profits 
ought to rfc»c by something like 
£7m. in a full year. - ■■ 

The performance of Dunlop's 
European - lyre interests is 
slowly improving; all the same, 
without this disposal, group 
debt could have edged up by 
— say— £30m.ihis year while re- 
serves would -probably have 
been reduced. Net borrowings 
at the end of 19S2 might have 
been pushing: 130 per cent of 
net worth — or 110 per coni of 
total shareholders’ equity. Now 
the figures may be nearer 10G 
per cent and JiO per rent. 

Dunlop will continue to 
supply R and D and manase- 
menl skills to DMI, which will 
"still be feqarded as part oF 
the Dunloo family.” This link 
is nor entirety sentimental; the 
trade marks are valuable in 
Malaysia and their continued 
use helps the Dunlop name to 
maintain a world-wide presence. 

Dunlop should soon lie mak- 
ing progress rapidly enough In 
make any further disposal? of 
this sort unnecessary- Which is 
just as well, since it is begin: 
nin.c to run out of large ami 
readily disposable businesses. 


Markets 


Amershara 


Dunlop 


Amersham’s pre-tax profits — 
at £8.5m— compare closely with 
the forecast of £S.3m. And 
given political sensitivity over 
the performance of the group on 
the Stock Exchange, perhaps 
that should not come as an 
overwhelming surprise. In fact 
currency movements have been 
slightly more adverse than 
assumed in the forecast, made 
in January, reducing the out- 
come by about £0.1m. 

The strongest volume growth 
has been seen in the U.S„ with 
an increase approaching a fifth, 
mainly accounted for by 


Whatever its problems on the 
industrial front. Dunlop keeps 
pulling off remarkably smooth 
financial deals. Last year's sale 
of the Malaysian Estates to local 
interests for £60m has been fol- 
lowed by an almost identical 
operation on Dunlop Malaysian 
Industries. Bending gracefully 
with the w&d of corporate de- 
colonisation. Dunlop has picked 
up £73m, payable over two years 
in Swiss francs, for 51 per cent 
of a. business that made £9m 
pre-tax last "year. 

It would be somewhat harsh 
to regard this as a forced sale. 


Good U.S. money figures and 
helpful behaviour by *h p 
Federal Reserve got the gill- 
edged market off to' a roarinq 
start yesterday.-. The short tap 
was swallowed whole at the 
opening at a fairly fancy price, 
and the introduction of six new 
£100m tcancheiies in the after- 
noon was tactfully judged &u 
as not to destroy the market's 
illusion that it has more cash 
than the authorities have new 
stock. 

Only the High Street banks 


failed to turn up at the party. 
Despite loud clearing of the 
Bank of England’s throat- 
official bill dealing rales were 
dropped yet again— the well- 
discounted cut in base rate* 
has still not arrived. The 
clearers* pretext for not moving 
is the rather high cost of seven- 
day money: The real reason for 
their reluctance may be that 
even oil. the present interest 
Tate structure they are losing 
deposits hand over fist to the 
biukting societies and to 
Notional Savings. 


Continued from Page 1 


Taiwan 


$200bn ‘debts of doubtful quality 5 


petition from General Electric 
and Westinghouse of the U.S., 
Brown Boveri of Switzerland, 
and Hitachi and Mitsubishi of 
Japan. The overall project for 
the Yenliao power station was 
to have had substantial Ameri- 
can and British involvement. It 
wonld have been the first time 
British equipment was used in 
a nuclear power plant in 
Taiwan. 

The work was to have been 
carried out by NETs Parsons 
factories in the Newcastle area, 
which employ 4,500 people. 
However, the cancellation 
would have “ no immediate 
effect " on jobs since manufac- 
ture was not due to begin until 
1984. said NEJ. 

The deal with Taiwan’s state- 
run power company would have 
greatly strengthened NETs 
standing in the world turbine 
market and its eligibility to 
supply equipment to any future 
British programme for power 
stations using pressurised water 
reactors. 

Mr L. K. Chen, Taipowerts 
chairman, said in Taipeh, tbe 
Taiwanese capital, yesterday 
that his company had cancelled 
the letter intent awarded to 
NEI Parsons. But Mr Michael 
Steel, NETs negotiator in Tai- 
peb, said he had received no 
official notification of this from 
the Taiwanese. 

Behind the postponement, Mr 
Chen said, were lower forecasts 
of electricity demand caused by 
the worldwide and domestic 
economic recession. It would 
probably be at least a year 
before the projects were revived. 
Meanwhile, his company would 
review the economic situation 
“every six months or so" to see 
whether they could be re- 
scheduled. 

NET Parsons had -already 
been informed of the decision 
and notices of cancellation 
would go out this week to 
Framatome of France, Kraft- 
werkunion of West Germany 
and Westinghouse Electric Corp, 
General Electric, and Combus- 
tion Engineering of the U.S., 
all of which had pot in bids 
to supply equipment for the 
nuclear reactor system. 


BY PETER MONTAGNON M BASLE 


Weather 




PESSIMISTS AMONG world 
central-bank governors estimate 
incre than S200bn of outstand- 
ing international debt is doubt- 
ful or potentially dubious 
quality. 

This emerges from a central 
bankers' meeting at the Bank 
for International Settlements in 
Basle yesterday. Delegates tried 
to assess how far international 
lending poses a threat to the 
world banking system. ■ 

The meeting was attended, 
unusually, by Mr Paul Volcker. 
UB. Federal Reserve Board 
chairman, and M Jacques de 
Larosiere, International 


Monetary Fund managing direc- 
tor. 

There is wide disagreement 
about the problem's extent, 
however, and not all delegates 
shared the gloom. 

The main trouble-spot is 
Eastern Europe. There total 
foreign debts is $80bn. Concern 
is growing, however, about 
Latin America, where total 
foreign debt exceeds $220bn. It 
has been heightened by a dis- 
closure that Mexico has had to 
draw on its credit line with the 
U.S. Federal Reserve to supple- 
ment its meagre cash resources. 

Most central bankers say 


interest rates ' and world 
recession have squeezed states 
which previously found it easy 
to borrow abroad to. Shore up 
domestic economies. 

Some are still, however, 
reluctant to concede this pub- 
licly, partly for fear of under- 
mining the market place's 
fragile confidence. 

One central banker yesterday 
said Poland’s debt renegotiation 

It became clear as tbe meeting 
dosed, however, that the 
bankers bad decided against 
issuing a. statement clarifying 
their views on international 
debt .problems. 


UK TODAY 


CLOUDY with prolonged 
showers. 

5. England, Midlands and S. 
Wales 

Thundery showers but bright 
intervals. Max 21C (70F). 

N. England, S. Scotland and N. 
Ireland 

Cloudy with thundery 
showers, but sunny intervals. 
Max 20C (68F). 

N. Scotland 

Mainly dry with sunny 
imervals. Max 19C (66F). 
Outlook: unsettled with 

thundery rain. Mostly warm. 










£fB3SG9NI 




• * % JL 


'zm 


rasas 


mmm 


Train drivers strike 


WORLDWIDE 




Continued from Page 1 


was put off until lunchtime to- 
day after Mr Weigh ell met Mr 
Rose. 

BR’s tough action today 
seems inevitable following a 
further day in which heavy 
picketing kept down the num- 
ber of train, services. Drivers 
working were considerably 
fewer than the “ massive ” turn- 
out BR officials said was needed 
to prevent the board taking its 
exoected decision today. 

By 4 pm BR had nm 1,057 
trains, against 1,130 by tbe same 
time on Friday, the iast full 
working day. 


The number of drivers was 
also down on Friday's 4 pm total 
Of 556. Of the 532 drivers 

work ing. 210 were members of 

the NUR — a fall of 40; and 322 
members of Agef, a slight rise 
from Friday’s 4 pm total of 306, 
though may be due to an 

increase in the number of 

drivers rostered for work. 


Regionally, services improved 
on Western, previously very 
badly hit However, the figure 
of 39 trains in the region is 
mainly made up of short-haul 
trains in one small area of South 


W-aies. Scotland did particularly 
badly. 

Picketing was heavy, particu- 
larly in snch areas as Notting- 
ham, Derby and Leicester, which 
ran main-line services to Lon- 
don for much of last week. 
These services were all but 
halted yesterday. 

In Gillingham , Kent, where 
there were about five pickets 
daily last week, BR reported 47 
AslCf pickets arriving' by coach 
early in the morning at the 
drivers’ booking-on time. Only 
four drivers ignored tbe picket 
and went to work. 


Eurodollar 


Continued from Page -1 


day’s reduction was interpreted 
by the money markets as rein- 
forcing the authorities’ desire 
t osee UK interest rates lower. 


Pressure Is building up on 
tbe clearing -banks to cut the 
cost of borrowing, but they are 
delaying a decision for a num- 
ber of reasons. 

The key seven-day interbank 
rate remains relatively high at 
121ft per cent The three month 
rate, which . is often used as a 
proxy for base rates, is standing 
at 12ft _ per cent, which is 
roughly' in line with the current 


' level of bank base rates of 
12k per cent 

Nevertheless, ‘ following yes- 
terday's action by the Bank of 
England, the banks are ex- 
pected to trim their base rates 
by half a percentage point 
within the next. week or so. 


In the foreign exc han ge mar- 
kets, the U.S. dollar continued 
to retreat from its recent peaks 
against European currencies as 
the markets reacted to lower 
U.S. interest rates; In London, 
it fell from DM2.4870 to DM 
2,4720. Against the Japanese yen 


it dropped from Y254.95 to 
Y253.fi. 

Sterling rose 90 points against 
the dollar to dose in London at 
SL7350. The latter’s trade 
weighted index as measured by 
the Bank of England was un- 
changed at 91.2. 

In the UK gilt edged market 
tite remaining supply of the 
short tap stock. £30-paid Trea- 
sury Convertible 12ft per cent 
1986, was exhausted, and the 
authorities .issued six £100m 
tranches of existing stocks with 
maturities ranging from 1985 to 
1998. - 


V day Y* day 

midday midday 

D C "F *C "F 

Ajaccio S 27 81 L Ang.t — — 

Algiers F 33 91 Luxmbg. S 28 82 

A ms dm. F 25 77 Luxor — — 

Athens S* 27 81 Madrid S 30 86 

Bahrain S 38 97 Majorca S 31 88 

Barclna. S 28 82 Malaga S 33 81 

Beirut — — Malta S 30 88 

Ballon c is 88 Mchrtr. C 11 

Balgrd. C 72 72 Melbne. C 11 52 

Berlin C 35 77 Mx. C.f — — 

Biarritz C 19 66 Miamit S 29 84 

Bmghm. C 18 61 Milan S 31 88 

Blackp'l C 19 68 Monn'lt C 21 70 

Bordx. C 23 73 Moscow S 28 82 

Boulgn. F 20 68 Munich S 25 77 

Bristol T 14 67 Nairobi — — 

Brussels F 28 82 Naplns S 28 82 

Bud pm. C 24 75 Nassau — ' — 

Cal™ — 1 — Nwcstl. C 17 . 63 
Cardiff T U 57 N Yorisf — — 

Coaboe. F 22 72 Nicn F 27 81 

C*M T. F 16 81 Nicosia 

Chlcg.f S 17 83 Opono C 19 68 

Cologne S 29 84 Oslo S 21 70 

Cpnhgn. S 24 75 Parla S 31 88 

Corfu S 28 79 Perth S 20 68 

Dan verf C 13 55 Prague 5 23 73 

i Dublin F 17 63 Rvkivfc. R *12 54 ’ 

Obrvnk. F 22 72 Rhodes S 25 77 

Ednogh. C 13 55 Rio J’ef 

Faro S 28 79 Rome S 28 82- 

Florance F 31 88 Selzb'rg C 2S 7f. 

Frankrr S 30 86 S'ctocof C 13 55 

FunChef F 2170 S. M’ritt — — , 

Geneva S 28 82 Singapr. T 2S 77. 

Gibrftr. F S 77 5*tlagat — — 

Glesg’w C IS 58 Stckhm. s ' 28 ' 79 
0‘iwey H 15 59 Rtmsb’g S 30 86 

Helsinki F 25 .77 Sydney R. 14 57 

H. Kong F 31 88 Tangier F SS 73 

limebrfk F 27 81 Tel Aviv S 29 84 

Invrnsa. S 17 $3 Tenerife S 26 79 

l.o.Man . 1 — — Tokyo F 31 88 

Istanbul S 24- 75 Torintot S 19 fifi 

Jersey R 16 61 Tunis S 35 95 

Jo'burg S' 17 53 Vatende 5 32 90 

t_ Pima. F 23 73 Venice F 28 82 

Lisbon C 21 70 Vienne C 20 88 

Locarno S 29 84 Warsaw C 23. 73 

London C 18 64 Zurich S 35 77 

C— Cloudy. F— Fair. FgH?ofl. H— Hall. 

R- — Rain. S— * Sunny. SI— Sfaet. 

■ So— Snow. T— Thunder. 

t Noon GMT temperatures. 





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